Patrick, an Attorney, Is the Sole Shareholder of Gander Corporation

question 57

Multiple Choice

Patrick, an attorney, is the sole shareholder of Gander Corporation, a C corporation. Gander is a personal service corporation with a fiscal year ending November 30 (pursuant to a § 444 election) . The corporation paid Patrick a salary of $180,000 during its fiscal year ending November 30, 2018. How much salary must Gander pay Patrick during the period December 1 through December 31, 2018, to permit the corporation to continue to use its fiscal year without negative tax effects?

• A) $0
• B) $30,000
• C) $165,000
• D) $180,000
• E) None of the above

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