Personal Service Corporation
June 7th, 2024
Personal Service CorporationA 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 citations of tax authority.Partial list of research aids:§441 (i).Reg. § 1.441-3.400 words total (not including above) w/reference