There is a C corporation with assets worth $5 million, with the basis to the Corporation of only $1 million, and the Corporation is a closely held corporation with only five shareholders. It is considering a few possibilities for this year 1. One is the possibility of liquidating and operating as an LLC. Another is making an S corporation. It does anticipate that its assets will be sold over the next 5 to 10 years. What do you think it should do? Do you think it should convert to an LLC, and why or why not? Do you think it should elect S corporation status, and why or why not?