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Cheers Inc. operates as a partnership. Now the partners have decided to convert the business into a corporation. Which of the following statements is CORRECT?

Cheers Inc. operates as a partnership. Now the partners have decided to convert the business into a corporation. Which of the following statements is CORRECT? a. Assuming Cheers is profitable, none of its income will be subject to federal income taxes. b. Cheers will find it more difficult to raise additional capital. c. Cheers

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