5.4 Describe briefly two advantages and two disadvantages of a corporate form of business organization as compared to a partnership. 5.5 Jack Flubber, who owns Sons of Flubber Construction Co., and runs it as a proprietorship, had gross profits last year of $80,000. His personal and family expenses are $52,000 and he has $7,000 in exemptions and deductions. He paid $17,000 in taxes. If he paid himself a salary of $55,000 taxed at 20%, would it be advantageous for him to incorporate as a closely held corporation? Explain. 5.10 In problem 5.5, what taxes would Jack pay if he organized as a closely held corporation (as described) and, after paying his salary, also issued himself a dividend of $10,000? 5.11 What is the difference between par and book values of corporate stock? If an incorporated construction company wins a large cost plus fixed-fee contract, what impact might this have on the market value of the company's stock