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Question:
JIM currently uses the calendar year as its financial and tax annual accounting period. Management, because of the seasonality of sales, wants to change to a fiscal year beginning April 1 through March 31st.
You have been asked to review the tax criteria for making this change.
Write a memo to your CFO:
Indicating the outcome of such a change on current taxes, and outlining the requirements for making this change.
Assignment Objectives: Evaluate the impact of managerial decisions on the tax liability of the firm
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