Art Funkel started his incorporated medical practice on June 1, 2016 He immediately made an Selection for the corporation Art would like the corporation to adopt a tax year ending May 31 so that a full 12 months of income would be included in the first tax year Can the corporation elect a fiscal ye...

To conclude we can say that the S corporation ...

Art Funkel started his incorporated medical practice on June 1, 2016. He immediately made an Selection for

Question:

Art Funkel started his incorporated medical practice on June 1, 2016. He immediately made an Selection for the Art would like the to adopt a tax year ending May 31 so that a full 12 months of income would be included in the first tax year. Can the elect a fiscal year ending May 31? Explain.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...