The BCD Partnership is formed in April of the current year. The three equal partners, Boris, Carlton Corporation, and Damien have had tax years ending on December 31, August 30, and December 31, respectively, for the last three years. The BCD Partnership has no natural business year.
a. What tax year is required for the BCD Partnership under Sec. 706?
b. Can the BCD Partnership make a Sec. 444 election? If so, what are the alternative tax years BCD could select?
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