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John and Wilbur form White Corporation on May 3 of the current year. What is...

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Accounting

John and Wilbur form White Corporation on May 3 of the current year. What is the entity's default tax classification? Are any alternative classification(s) available? If so, (1) how do John and Wilbur elect the alternative classification(s) and (2) what are the tax consequences of doing so

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