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Explain how legal entities differ in terms of the liability protection they afford their owners. Why is it a nontax advantage for corporations to be

  1. Explain how legal entities differ in terms of the liability protection they afford their owners.
  2. Why is it a nontax advantage for corporations to be able to trade their stock on the stock market?
  3. Can unincorporated legal entities ever be treated as a corporation for tax purposes?Can legal corporations ever be treated as flow-through entities for tax purposes?Explain

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