I:18-30 Pass-Through Versus C Corporation. Assume the corporation in Problem I:18-29 had been an S corporation for its first 12 years, during which it distributed just enough cash for the shareholder to pay taxes on the pass-through income. Thus, the S corporation reinvested after-tax income. However, during those 12 years, your client could not claim the QBI deduction. Now that the corporate tax rate is 21%, your client is considering revoking its S election and operating as a C corporation for the remaining 20 years with no dividend distributions. Show the results of remaining an S corporation, with the QBI deduction available going forward, versus revoking the election. Also show supporting models and calculations. Which alternative should the corporation adopt? Ignore the accumulated earnings tax for C corporations.