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red white and blue are unrelated corporations engaged in real estate development the 699051

Red, White, and Blue are unrelated corporations engaged in real estate development. The three corporations formed a joint venture (treated as a partnership) to develop a tract of land. Assuming that the venture does not have a natural business year, what tax year must the joint venture adopt under the following circumstances?

   

Tax Year Ending

Interest in Joint Venture

a.

Red

March 31

60%

 

Blue

June 30

20%

 

White

October 31

20%

b.

Red

October 31

30%

 

White

September 30

40%

 

Blue

January 31

30%

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