Suppose you are a tax consultant at one of the "Big Four" accounting firms. In April of $2022,$ a local business professional named John Client emailed your firm about his interest in forming a new corporation. John cannot decide whether to form as an S or C corporation. S corporations are incorporated under state law and therefore have the same legal protections as C corporations. They are governed by the same corporate tax rules that apply in the organization, liquidation, and reorganization of C corporations. However, unlike a C corporation, an S corporation is a flow$-$through entity and shares many tax similarities with partnerships. You are assigned to respond to John's inquiry. You're planning to have a web$-$based meeting with John to review some of the items that create concerns for him$\mathrm{.}1.$ Establish the required qualifications to become an S versus a C corporation$\mathrm{.}2.$ Determine one tax$-$related advantage and one tax$-$related disadvantage of C and S corporations. $*$ To fulfill this requirement, you must have a total of four examples: an advantage and disadvantage for both entity types$3.$ Determine the limitations on the number and type of shareholders that an S versus a C corporation may have$\mathrm{.}4.$ Assess the circumstances in which an S election versus C may be involuntarily terminated$\mathrm{.}5.$ Outline which tax forms are submitted by both S and C corporations$\mathrm{.}6.$ Develop three recommendations related to corporate formation to provide the best tax options for the company.