1) Tanya and Nancy, both calendar-year taxpayers, each own a 20% interest in Par

Question

1) Tanya and Nancy, both calendar-year taxpayers, each own a 20% interest in Partnership TNT. Techron, Inc., whose fiscal year ends on June 30, 2016, owns a 60% interest in Partnership TNT. TNT has not established a business purpose for using a different tax year, nor has it made a fiscal year tax year election. On what date does Partnership TNT’s required tax year end?

A) March 15, 2016.

B) June 30, 2016.

C) December 28, 2016.

2) Alex dies holding a general power of appointment over the assets of a trust. On what schedule on Form 706 does he report the value of the interest?

A) Schedule E.

B) Schedule F.

C) It is not include in his estate.

Explanation / Answer

Question 1). Answer :- Option B). June 30, 2016.

Question 2). Answer :- Option A). Schedule E.

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