21. If a partner dies, his or her tax year closes A) on the date of...

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Question

21. If a partner dies, his or her tax year closes A) on the date of...

21. If a partner dies, his or her tax year closes

A) on the date of death.

B) on the day after death.

C) on the day before death.

D) on some other date.

business accounting

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Answer 1

Answer #1

The correct answer is A) on the date of death.

Notes

If a partner dies, his or her tax year closes on the date of death. If a partnership was between only 2 people and the operations are wound up even the partnership firm's tax year will be the date of death of the partner.

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Answer 2

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