Chapter 5: Research Problem # 3 – page 5 – 35. Emerald Corporation is required to change its method of accounting for Federal income tax purposes. The change will require an adjustment to income to be made over three tax periods. Jonas, the sole shareholder of Emerald Corporation, wants to better understand the implications of his adjustment for E & P purposes, as he anticipates a distribution from Emerald in the current year. Prepare a memo for your firm’s client files describing the results of your research. Partial list of research aids: Section 481(a), Rev. Proc. 97-27, 1997 – C.B. 680. Requirements: The research paper should contain the following elements: A statement of your position in the given situation; Your own response detailing your position of the given situation backed up by tax/professional research; Minimum 3 references. References can be obtained from researching the Internal Revenue Code or from professional documentation; The length of paper must be no less than 1500 words. Willium H. Hoffman, Jr., Willium A. Raabe, David M. Maloney and James C. Young, 2016. South-Western Federal Taxation: Corporations, Partnerships, Estates & Trusts, 2016 Edition.