"Partnership Tax Year and Limited Liability Partnerships" Please respond to the following:.The IRC restricts the choices for a partnership‘s tax year to prevent the deferral of tax. This causes mos

"Partnership Tax Year and Limited Liability Partnerships"  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 thee-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. 
• As discussed in the textbook, large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Compare and contrast the advantages and disadvantages of a LLP form of business and a C-Corporation..Suggest the major reasons why a new entity would choose an LLP over a traditional partnership or a C-Corporation..