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For each of the essay questions below, your response should be no less than 150 words and must address the question completely. This is an individual assignment and original work is expected. Write with understanding and do not just copy from the book. All works used must be cited and referenced, and direct quotes must be indicated as such. Submit each question, followed by your response.
1.Paul, John, George and Ringo properly form a corporation.Paul and Ringo are very wealthy individuals who simply purchase stock.John and George also purchase stock in the corporation; in addition, they work for the business as president and vice-president.
a.Does the corporation pay income tax?
b.Will the four shareholders have to pay income tax?
c.Might John and George have an additional income tax burden – why/why not?
2.If the corporation above is form as a subchapter S corporation, how would your answers to each question change?
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