Determine the taxable year of the llc

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Reference no: EM133412564

Question: Tony, an individual, and Karas, Inc., a domestic C Corporation, have decided to form TK LLC. The new LLC will produce a product that Tony recently developed and patented. Tony and Karas, Inc., will each own a 50% capital and profits interest in the LLC. Tony is a calendar year U.S. taxpayer, while Karas, Inc. uses a June 30 fiscal year. The LLC does not have a "natural business year" and elects to be treated as a partnership.

Determine the taxable year of the LLC including an explanation of the rules and/or appropriate Code Sections or Regulations.

Reference no: EM133412564

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