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are there any benefits for C corps., S corps. or partnerships when selecting a taxable...

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Accounting

are there any benefits for C corps., S corps. or partnerships when selecting a taxable year? Are there any benefits for C corps., S corps. or partnerships when calculating the owner's basis in the business? Are there any benefits for C corps., S corps. or partnerships when calculating taxable income and how the taxable income is taxed? Are there any benefits for C corps., S corps. or partnerships when the business suffers an NOL? Are there any benefits for C corps., S corps. or partnerships when the owner takes a current distribution/dividend from the business? Are there any benefits for C corps., S corps. or partnerships when the owner takes a liquidating distribution from the business?

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