Essay
Cecelia is the sole shareholder of Aqua Corporation,a newly formed C corporation.Joyce is the sole shareholder of Teal Corporation,a newly formed C corporation that is classified as a personal service corporation.Both Cecelia and Joyce plan to have their corporations elect a March 31 fiscal year-end.Will the IRS treat both corporations alike with respect to the fiscal year election? Explain.
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A C corporation is relatively unrestrict...View Answer
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