Question: Ann is the sole shareholder of Salmon Corporation a newly
Ann is the sole shareholder of Salmon Corporation, a newly formed C corporation. Fran is the sole shareholder of Scarlet Corporation, a newly formed C corporation that is a personal service corporation. Both Ann and Fran plan to have their corporations elect a March 31 fiscal year-end. Will the IRS treat both corporations alike with respect to the fiscal year election? Why or why not?
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