S Corporation vs. Corporation

Write a four to five (4-5) page paper in which you:
1. Compare and contrast the advantages and disadvantages in electing to become a corporation
and an S corporation, indicating how the resulting choice is likely to impact tax obligations.
2. Imagine that you are the Chief Financial Officer (CFO) at Scuba View, Inc. Justify to your
management team why a corporation was elected to minimize tax liability. Prepare a response to
the objection that this election was the best choice.
3. Imagine that you are the Chief Financial Officer (CFO) at The Lost and Found Corp., and justify to
your management team why an S corporation was elected. Determine if this was a wise choice
and how tax liability was minimized as a result of this choice. Provide support for your rationale.
4. Assess the steps that a corporation or an S corporation must take to change its existing election
and provide examples under what circumstance this would be done, indicating how this may
either generate a tax liability or benefit when the change is completed. Provide support for your
rationale.