DESALES UNIVERSITY Regulation – AB 324 PROFESSOR COCOZZA Spring 2022 The following project is designed to give you exposure to preparing a client memorandum. The project is worth a total of 50 points....

Please help me with my regulation project


DESALES UNIVERSITY Regulation – AB 324 PROFESSOR COCOZZA Spring 2022 The following project is designed to give you exposure to preparing a client memorandum. The project is worth a total of 50 points. On page 17-49, Research Problem 1 is found; please draft a memo to the file which answers the questions posed in this problem. You are permitted to reference your textbooks and the CCH on-line tax library. In addition, you may consult any other outside literature to perform this assignment. Discussion with anyone else is considered plagiarism. I will act as the partner on this engagement, thus if you have any questions please ask me. The first draft of this assignment is due on 5/3/22. The final draft is due on 5/13/22. Research problem 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 a fiscal year end. Discuss the business purpose exception, including examples of when the Standard is and is not satisfied. Support your research with proper citation of tax authority.