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Tax Law for the Closely Held Business

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Required Taxable Year

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The Death of a Partner: Out With the Old Taxable Year, In With the New?

Photo of Lou Vlahos
By Lou Vlahos on December 9, 2019
Posted in Federal

I once heard it said that death keeps no calendar.[i] That may be, but it can sure unsettle a partnership’s advisers when the decedent is one of the partners and their estate chooses to use a fiscal year[ii] for its taxable year. Let’s see why.

Partnership Income

As we know, a partnership[iii]…

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