1. During its fiscal year ended October 31, 2010, Miles Corporation, a personal service corporation, paid its...

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1. During its fiscal year ended October 31, 2010, Miles Corporation, a personal service corporation, paid its owner, Miles, a salary of $150,000. If the corporation has no business purpose to support a fiscal year-end, what is the minimum salary Miles Corporation must pay Miles for November and December of 2010 to retain a fiscal year-end and deduct all of the salary for the next year?

a. $0

b. $12,500

c. $25,000

d. $37,500

e. None of the above

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