CHURCH CORPORATION: MS RESEARCH PROBLEMChurch Corporation is a new client of your accounting firm. Church Corporation is a closelyheld C corporation. All of the stock is owned by Charles and Chanda Church.The corporation, in its second month of operation in its initial tax year, anticipates earning$150,000 of gross income in the current year. Gross income is expected to be approximately 40%dividends, 30% corporate bond interest, and 30% net real estate rentals (after interest, propertytaxes, and depreciation). Administrative expenses are expected to be $20,000.Identify at least four tax issues that should be addressed during Church’s first year ofoperations.Discuss specific actions that can be recommended for the initial tax year, and beyond.By Memorandum to your tax manager, identify those issues in numbered paragraphs. Do notexceed two 8½ x 11 pages. Use normal font size.

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