Accounting Periods
Response to the following problem:
1. a. Explain the difference between a calendar year, a fiscal year and a 52-53 week tax year. Why might a corporation want to use a 52-53 week tax year?
b. If a corporation wants to change its tax year from October 31 to July 31, what must it do?
2 .Corporate Capital Gains and Losses:
a. How does the tax treatment of net capital gain differ between individual and corporate taxpayers?
b. How does the tax treatment of net capital losses differ between individual and corporate taxpayers?