1. Salem Corporation uses the calendar year as its financial andtax annual accou

1. Salem Corporation uses the calendar year as its financial andtax annual accounting period. Management because of theseasonality of sales wants to change to a fiscal year beginningApril 1st through March 31st. You have been asked to review the taxlaw criteria for making this change. Write a memo (750-1000) toyour CFO indicating the outcome of such a change on current taxesand outlining the requirements for making this change.