If your client wanted to start a new business, for example manufacturing watches, and asked you to identify the tax consequences of being in business as a sole proprietor, regular 'C' corporation, S corporation or a partnership, what would you recommend? Discuss the pros and cons of each type of business entity. Please include: - Tax Rates - Accounting methods Computation of income - Deductions Charitable contributions Casualty losses Ownership Net operating loss - Capital gains and losses Dividends / distributions Due dates - Filing This is not an all-inclusive list. Please site all of your sources. The paper (without the bibliography or cover page) should be at least 7 pages, double spaced