What are the benefits of an S Corporation versus a LLC? What happens when an S Corp. is involuntarily converted to a regular corporation? 2-Corporation Formation. What are the basic tax rules for the formation of a corporation? 3-Alternative Minimum Tax. What are the tax issues associated with the repeal of the alternative minimum tax (AMT)? 4- Discuss the differences between tax planning, tax avoidance, and tax fraud. 5- Discuss various penalties that a taxpayer may be imposed. Which penalty is more serious to the taxpayer? 6- Discuss the general rule for the statute of limitations on tax returns and the important exceptions to the general rule.