Double taxation and implied cost of limited liability You are single and contemplating starting a new business as either a sole proprietorship or a corporation. On the one hand you really value the limited liability provided by incorporating, but on the other hand you are not fond of the double taxation issue faced by owners of corporations. To help you decide, find the final after$-$tax income you would have from$$580,000$ of business taxable income if you organize your business as a proprietorship vs a corporation. Assume this is your only income after adjustment for self$-$employment taxes, the Qualified Business Income deduction, the standard deduction, and any other adjustments to income prior to the calculation of taxes owed $.$ Based on your findings, what's the implied cost of limited liability afforded by incorporating? Use a corporate tax rate of $21\%.$