$1.$ Review the completed C corporation, partner$-$ship, and S corporation tax returns presented in Appendix B$.$ List three major tax reporting similarities and three major tax reporting differences in either content or format among the three tax

returns.

$2.$ Williams Corporation has operated as a C corporation for the last seven years. The corporation has assets with a $$450,000$ adjusted basis and an $$800,000$ FMV$.$ Liabilities amount to $$100,000.$ Dan Williams, who uses a calendar year as his tax year, owns all the Williams Corporation stock. The corporation uses the accrual method of accounting and a June $30$ year$-$end. Dan's CPA has suggested that he convert the corporation to S corporation status to reduce his total corporate$/$personal federal income tax liability. Dan would like to complete the conversion on the last day of the corporation's tax year. What tax issues should Dan and his CPA consider with respect to the S election?