File a return for a 6 month business?

[cathe]

New client came in with a business that started in June last year and ended in Dec. For some silly reason I seem to recall that a business that begins and ends in the same year does not file. Was I just dreaming this? This was a partnership and it pretty much netted zero.
Not filing just doesn't seem right, but my mind is getting older and I question everything these days.

Cathe

[Burke]

You may be thinking of depreciation. If business property is bought and sold (or put into and taken out of service) in the same tax year, no depr. However, there is no such rule about the business itself.

[cathe]

Thanks! This seems right.

Cathe

[Koss]

Six Months

The partnership certainly has to file a return.

You do, however, have a short tax year, unless the business has elected a fiscal year that is different from the calendar year.

I know what a short tax year is, but I have never been able to find a reference in the Internal Revenue Code that explains what a long tax year is.



My guess is that a long tax year is defined as "any tax year that is not a short tax year."

LMAO

BMK