Ricki, a calendar-year taxpayer, and Fielding Inc., a December 1 to
November 30 fiscal year taxpayer, are forming the RF Partnership. Each
partner will have 50% interest in partnership capital, profits, and
losses. Determine the required taxable year of the partnership

Hello Alpa_Sanjay ...

The required tax year of the RF Partnership would be November 30,
because this results in the least aggregate deferral of income to the
partners.

See IRS Publication 538 (Rev. March 2003), page 4, "Partnership"

"A partnership must conform its tax year to its partners' tax years
unless the partnership can establish a business purpose for a
different period, ..." and goes on to explain that if the "partners do
not have the same tax year, the partnership generally must use a tax
year that results in the least aggregate deferral of income to the
partners."

There is even an example on page 5 describing the same example as in
your question.

Publication 583 can be found here:
  - http://www.irs.gov/pub/irs-pdf/p538.pdf

Search term on IRS site:
 - partnership + tax year

Publication is in .pdf format, so you'll need Acrobat reader to read
it.

Regards,
Serenata