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Explain how these corporate changes can be accomplished

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Problem - Beach Corporation, a seaside restaurant, is owned by 20 unrelated shareholders. This year Beach made the national news for polluting the surrounding beach and ocean with garbage; it was fined $200,000. Beach fired its chief executives and appointed a new board of directors. The new president, Sandy Shores, vowed to clean up Beach's pollution and become more socially responsible.

To put this damaging episode behind them, the board of directors wants to change Beach's name to Protected Bay. Further, it would like to change from a C corporation to an S corporation to make the owners feel more responsible for the business. Explain how these corporate changes can be accomplished and the Federal income tax implications for Beach.

Reference no: EM132646956

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