Problempale motel inc was a c corporation using a fiscal, Ask an Expert

Accounting

Problem:

Pale Motel, Inc., was a C corporation using a fiscal year ending April 30 for tax purposes for all tax years through April 30, 2009. In May 2009, the corporation made an S election.

Required:

Question 1: What are the implications of the election for Pale's tax year? Explain.

Question 2: Also, what are some reasons for switching from a fiscal to calendar year (as some companies have been known to do)?

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165317

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