A and B are accountants, and share profits 50/50 in the AB p

A and B are accountants, and share profits 50/50 in the AB partnership. Their attorney has advised them to incorporate for personal liability reasons. Their operations for the year are as follows:Accounting revenues $ 900,000Operating expenses $ 215,000Interest income $  18,000Charitable contributions $  20,000Life insurance premiums for X and Y $  12,000     A and B compensation (1/2 each) $ 300,000Cash withdrawals (1/2 each)                          $          100,000The charitable contributions, life insurance premiums and compensation expenses are not included in the operating expenses.  For social security taxes, assume a maximum self employment tax base of $117,000, and a total payroll tax rate of 7.65% (employer or employee), and 12.4% (self-employment tax). Do not consider Medicare tax, or Federal and State income and unemployment taxes.      A.      Calculate AB’s ordinary net income if taxed as a partnership   B.        Calculate AB’s  ordinary income if taxed as an S corporation   C.        Calculate A’s ordinary income if XY is taxed as  an S corporation   D.        Based on the above analysis, briefly note any planning ideas or additional questions you would ask.