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 (750-1,000) toyour CFO indicating the outcome of such a change on current taxesand outlining the requirements for making this change.