(Answered) Topic 1 brooklyn and bronx corporation decides to change

Accounting

Topic 1: Brooklyn and Bronx Corporation decides to change from a C corporation to an S corporation. What are the advantages of the S corporation status compared to the C Corporation? As a client of yours, what would you advise Brooklyn and Bronx Corporation to do? Why?

Topic 2: How do stock ownership requirements differ for a C and S corporation? Is there a difference in income reporting by the shareholders because of the difference? Explain.

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