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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
19. LO.1 Gaffey Corporation obtained permission to change from a calendar year to a fiscal year ending May 31, beginning in 2015. For the short period January 1 through May 31, 2015, the corporation’s taxable income was $140,000. For comput-
ing the tax, assume a tax rate of 25%.
a.     What is Gaffey Corporation’s annualized short period income?
b.    What is Gaffey Corporation’s tax for the short period?
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