As you have learned in previous assignments, an S corporation generally does not pay tastes on its own. it is a flow-through entity. and the owners pay tastes directly. Notice that line 22 relates to special tastes, but there is no regular tas line as there is in the Form llZl] for a C corporation. l. Briey describe two special taxes in line 22 that apply for an S corporation (Hint: refer to the instructions to form llzS) 2. Schedule K is very important for S corporations [HHS] and partnerships {Form lo). Explain the role and important of this Schedule. 3. Why is there no Schedule K for a G-corporarion {Form lll actually has a Schedule H. but it serves a different purpose than the one for S corporations {1 INS} and partnerships {lo}. Explain why a C-corporation does not complete a Schedule K. that looks like that of an S corporation or a partnership. 4. Schedule 31-! {google this; forhoi SCorporations and partnerships) is closely related to Schedule K. Explain what K-l is and its relationship with Schedule K. 5. How many Schedules Klls must an S-Corporation or parmership ll out?I ti. Who gets a copy of Schedule Kl