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ivolga24 [154]
3 years ago
11

Which of the following fiduciary entities are required to use the calendar year as their taxable period for income tax purposes?

Business
1 answer:
Fofino [41]3 years ago
5 0

Answer:

B) Trusts (except those that are exempt)

Explanation:

The only three entities that are allowed to select a fiscal year are: estates, C corporations and tax exempt entities.

Trusts, along with partnerships, S corporations and personal service corporations mus use the calendar year as their taxable period  or the tax year of their owners. Some trusts can change to a different calendar year if they can establish a business purpose for doing so.

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