Partnership Tax Year/Limited Liability Partnership

Each discussion question should be at least one page long with references.  Due by 8pm Aug 9, 2014
Week 6 eActivity 
•	Go to the Tax Almanac Website, located here, or use the Internet and Strayer databases to research partnership tax years. Be prepared to discuss.
 
Week 6 Discussion 1
"Partnership Tax Year" Please respond to the following:
•	The IRC restricts the choices for a partnership‘s tax year to prevent the deferral of tax. This causes most partnerships to adopt a calendar year for tax reporting. From the e-Activity, create a scenario using a fiscal tax year which allows a partnership to defer taxes that meet the requirements of Sections 706 and 444 of the IRC. 
•	Suggest at least one (1) major reason why Congress allowed the exception to the calendar year for partnership tax year elections.
Week 6 Discussion 2
"Limited Liability Partnerships" Please respond to the following:
•	As discussed in the text, large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Contrast the LLP form of business under state laws to the LLP for tax purposes.
•	Suggest the major reasons why a new entity would choose a LLP over a traditional partnership for tax purposes.

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