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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

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 fiscal year end. Discuss the business purpose exception, including examples when the standard is and is not satisfied. Support your research with proper citation of tax authority.

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