Question 1 (Chapter 14 CCH Federal Taxation comprehensive topics 2017 edition). Robert and Bill come to you their accountant and ask for your advice regarding selecting a business form. They would like to know what business forms are available, what the tax treatment of the various business forms is, and with the advantages and disadvantages of the forms are. You tell them about sole proprietorship's, partnerships, LLCs, LLPs, S Corps, and C Corps.

Since they are interested in adopting a certain form what else would you like to know about their business activities and their goals?

To receive full credit you should:

1. Define the topics that the define the specific topics that are involved in the question

2. Discuss the tax treatment of these topics. Specifically cite the applicable code section Revenue Ruling or case.

3. Discuss the benefits and detriments of selecting certain option or course of action.

4. Discuss the overall business and other implications including ethical implications of choosing a certain course of action.

5. Answers should be approximately one page double spaced per question