Pim Inc Operates a Business with a Natural Annual Operating Cycle

question 48

Multiple Choice

Pim Inc. operates a business with a natural annual operating cycle ending August 31. Which of the following can Pim adopt as its taxable year?

• A) A calendar year.
• B) Fiscal year ending June 30.
• C) Fiscal year ending August 31.
• D) Pim can adopt a calendar year or any fiscal year as its taxable year.

---

Definitions:

Antipsychotic Medication

Drugs used to treat psychiatric conditions by altering brain chemistry, particularly in cases of schizophrenia, bipolar disorder, and severe depression.

Residential Care

A form of long-term care provided in residential facilities for individuals who need assistance with daily living activities due to age, illness, or disability.

Reality

The quality or state of being actual or true, experienced through the senses.