How much salary must gander pay patrick

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Reference no: EM131956273

Problem

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

Reference no: EM131956273

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