John and Wilbur form White Corporation on May 3 of the current year. What is the entitys

Question:

John and Wilbur form White on May 3 of the current year. What is the entity’s default tax classification? Are any alternative classification(s) available? If so, (1) how do John and Wilbur elect the alternative classification(s) and (2) what are the tax consequences of doing so?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...