The IRC restricts the choices for a partnerships tax year to prevent the deferra

The IRC restricts the choices for a partnerships tax year to prevent the deferral of tax. This causes most partnerships to adopt a calendar year for tax reporting. From the e-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.Suggest at least one (1) major reason why Congress allowed the exception to the calendar year for partnership tax year elections.WEEK 6 DISCUSSION 2Limited Liability Partnerships Please respond to the following:As discussed in the text large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Contrast the LLP form of business under state laws to the LLP for tax purposes.Suggest the major reasons why a new entity would choose a LLP over a traditional partnership for tax purposes.