Multiple Choice
Patrick, an attorney, is the sole shareholder of Gander Corporation, a C corporation. Gander is a personal service corporation with a fiscal year ending November 30 (pursuant to a § 444 election) . The corporation paid Patrick a salary of $180,000 during its fiscal year ending November 30, 2014. How much salary must Gander pay Patrick during the period December 1 through December 31, 2014, to permit the corporation to continue to use its fiscal year without negative tax effects?
A) $0
B) $30,000
C) $165,000
D) $180,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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