Question;ACC565 Week 6 Discussion 1 and 2WEEK 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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