1 What is the difference between permanent and temporary book-tax differences? Please list one. 2- What are the most common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes? 3- Which Business Entities protect their owners from business liabilities? How are each of these entities taxed? What on earth is the check-the-box election all about? 4- In very general terms, how is the alternative minimum tax system different from the regular income tax system? How is it similar? 5- What is meant by the phrase "double taxation of corporate income\"? How did the US. try to rectify this problem? -Assume a calendar-year corporation has a deficit in current E&P of ($100} and positive accumulated E&P of $100. Under this circumstance, a cash distribution of $100 to the corporation's sole shareholder on June 30 will not be treated as a dividend because total E&P at December 31 is $0- True or false? Explain