Tonto inc. has used a calendar year as its taxable year, Ask an Expert

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Tonto Inc. has used a calendar year as its taxable year since its incorporation in 1990. Tonto has an excellent business reason for changing to a fiscal year ending May 31. Which of the following statements is true?
a. Because it has a good business reason, Tonto can change to a fiscal year ending May 31 without IRS permission.
b. If Tonto changes to a fiscal year ending May 31, it must file a short-period return for the seven-month period from June 1 to December 31 of the year of change.
c. If Tonto changes to a fiscal year ending May 31, it must file a short-period return for the five-month period from January 1 to May 31 of the year of change.
d. Statements a. and b. are true.

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Category:- Biology
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