Many newly created businesses are established using a tax status that avoids the double tax that applies to C corporations and their owners. Calculate the percentage of entities that filed income tax returns as C corporations $($Form $1120),$ S corporations $($Form $1120$S$),$ and partnerships and other flow$-$through entities $($Form $706)$ for the most recent year for which data are available. Use data from the IRS Tax Statistics as the basis for your calculations. Compare your findings with comparable percentages for the third and fifth prior years. Using a spreadsheet software such as Microsoft Excel, create graphs that illustrate the results of your research. Be sure the graphs have proper labels and explanations.