All of the following statements are true except:
◦ once adopted, an accounting period normally cannot be changed without approval by the IRS.
◦ taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
◦ taxpayers filing an initial tax return are required to annualize the year's income and prorate exemptions and credits.
◦ an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.