Snow Corporation began business on May 1,2015,and elected to use the calendar year for tax purposes.Brown Corporation,a calendar year corporation,sold all of its assets and liquidated as of April 30,2015.Neither Snow Corporation nor Brown Corporation must annualize their income for their 2015 returns.

Question

Quizplus · Accepted Answer

Since Snow Corporation began business on May 1, 2015 and Brown Corporation liquidated as of April 30, 2015, neither corporation has a short taxable year and therefore does not need to annualize their income for their 2015 returns.

Snow Corporation Began Business on May 1,2015,and Elected to Use