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Can the corporation elect a fiscal year ending May

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Problem - Art Funkel started his incorporated medical practice on June 1 of the current year. He immediately made an S election for the corporation. Art would like the corporation to adopt a tax year ending May 31 so that a full 12 months of income would be included in the first tax year. Can the corporation elect a fiscal year ending May 31? Explain.

Reference no: EM132672163

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