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QUESTION
Salem Corporation uses the calendar year as its financial and tax annual accounting period.
Salem Corporation 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 1st through March 31st. You have been asked to review the tax law criteria for making this change. Write a memo (750-1,000) to your CFO indicating the outcome of such a change on current taxes and outlining the requirements for making this change.
MEMORANDUMTO : C.F.O, Salem Corporation.FROM: ………………………………….Date : 30.03.2013.SUBJECT: Requirements for change in accounting period and outcome of such changein...