Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He

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Jack, a geologist, had been debating for years whether or not to
venture out on his own and operate his own business. He had
developed a lot of solid relationships with clients, and he
believed that many of them would follow him if he were to leave his
current employer. As part of a New Year’s resolution, Jack decided
he would finally do it. Jack put his business plan together, and,
on January 1 of this year, Jack opened his doors for business as a
C corporation called Geo-Jack (GJ). Jack is the sole shareholder.
Jack reported the following financial information for the year
(assume GJ reports on a calendar year, uses the accrual method of
accounting, and elects to account for inventory).
Required:
a. What is GJ’s net business income for
tax purposes for the year?
b. As a C corporation, does GJ have a
required tax year? If so, what would it be?
c. If GJ were a sole proprietorship, would
it have a required tax year-end? If so, what would it be?
d. If GJ were an S corporation, would it
have a required tax year-end? If so, what would it be?