Choose one of the following questions and respond.
(1) Write a memorandum to Furrow Jones and Nena Taylor explaining the federal income tax
consequences to each of them and the corporation if the corporation is dissolved.
(2) Write a memorandum to Furrow Jones and Nena Taylor describing other forms of businesses
that can be pursued that will allow them to separate their ownerships. Briefly emphasize the
potential federal income tax impact on each of them (and the business entities where appropriate)
of the other forms of business.
(3) Write a memorandum contrasting the federal income (and other) taxation consequences of C (Regular) Corporations, S Corporations, Partnerships, Limited Liability Companies (LLCs), and Sole Proprietorships.