Exercise: Your friend, Frances, just heard that you are taking a taxation course and provides you with the following information: Frances plans on setting up a corporation in the State of California which will sell living room furniture made from Brazilian Rosewood and manufactured at a facility near Rancho Cucamonga, CA. Frances plans to exchange $750,000 for 75,000 shares in the corporation to become the sole shareholder. Frances also plans to hire 4 full-time employees to manufacture and delivery furniture. Finally, Frances plans include donating 20% of the corporation's taxable income to a Qualified Charitable Organization based in San Bernardino County, California. In your Discussion Post, answer the following questions: 1. What information would you provide to Frances regarding the establishment of a corporation in California? 2. Would you recommend a C Corp or an S Corp? 3. Would the corporation have to pay payroll taxes for its employees? 4. What payroll tax returns would the corporation need to file? 5. What would you tell Frances regarding the corporate tax return and the charitable contribution deduction? 6. When preparing either an 1120 or 1120S tax return for the corporation, what information would you need from Frances