The Light Record Corporation has been on the calendar year since its inception five years ago. It wishes to change to an April 30 natural business year. For 2018, the calendar year of proposed change, Light had a taxable income of \(\$ 200,000\), of which \(\$ 50,000\) was earned from January through April.

a. What must Light Corporation do to obtain the change in period? When must it do it?

b. What is the tax liability for the short year?