Week 1 DQs and SummaryWhat business entities are available for a new business? What are the tax and nontax advantages of each form? Select two business types and provide an example of when that selection is most appropriate from a tax perspective and from a nontax perspective.Once a business has elected its tax status using check-the-box regulations what options are available if it needs to change its tax status? What should a business consider before electing to change its tax status?Do the following decisions have the same precedential value: (1) Tax Court regular decisions (2) Tax Court memo decisions (3) decisions under the small cases procedure of the Tax Court? Why? Which of the following sources do you think would be most beneficial for your client: (1) Tax Court regular decisions (2) Tax Court memo decisions (3) decisions under the small cases procedure of the Tax Court or (4) Fifth Circuit Court of Appeals?