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Please RESPONSE and EXPLANT to the following essay.

Explain the tax consequences of forming the corporation from the partnership.

There are several tax consequences in going from the existing partnership to a corporation; some which could be considered beneficial, such as eliminating liability, and the ability to raise income by selling stock. However, there are also some drawbacks, such as complex legalities, double taxation on income, and higher expenses.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91585586

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