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What would be the consequences to Zorn Inc

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Problem - Decision Making Zorn conducted his professional practice through Zorn, Inc. The corporation uses a fiscal year ending September 30 even though the business purpose test for a fiscal year cannot be satisfied. For the year ending September 30, 2019, the corporation paid Zorn a salary of $180,000, and during the period January through September 2019, the corporation paid him a salary of $150,000.

Required -

a. How much salary should Zorn receive during the period October 1 through December 31, 2019?

b. Assume that Zorn received only a $24,000 salary during the period October 1 through December 31, 2019. What would be the consequences to Zorn, Inc.?

Reference no: EM132672251

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