Write a $12$ page paper that explains the tax considerations for electing an S Corporation status or form. Explain each consideration that should be considered and the elements around each consideration that might be used to determine whether the decision should be taken or not. Include in your write up a description and explanation of the general requirements needed to qualify to file as an S Corporation, citing an example how this is applied. Include at least one reference in the paper, in addition to your comments and thoughts on the required content.