Purple Corporation,a personal service corporation (PSC),adopted a fiscal year ending September 30th.The sole shareholder of the corporation is a calendar year taxpayer.During the fiscal year ending September 30,2015,the shareholder-employee received $120,000 salary.The corporation paid the shareholder-employee a salary of $15,000 during the period beginning October 1,2015 through December 31,2015.

Question

Quizplus · Accepted Answer

The Answer of Purple Corporation,a personal service corporation (PSC),adopted a fiscal year ending September 30th.The sole shareholder of the corporation is a calendar year taxpayer.During the fiscal year ending September 30,2015,the shareholder-employee received $120,000 salary.The corporation paid the shareholder-employee a salary of $15,000 during the period beginning October 1,2015 through December 31,2015.

Purple Corporation,a Personal Service Corporation (PSC),adopted a Fiscal Year Ending