Question: A personal service corporation PSC generally is limited to the

A personal service corporation (PSC) generally is limited to the calendar year for reporting purposes. One exception to this rule is when the PSC can demonstrate a business purpose for a fiscal year-end. Discuss the business purpose exception, including examples of when the standard is and is not satisfied. Support your research with proper citations of tax authority.
Partial list of research aids:
§ 441(i).
Reg. § 1.441–3.

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