Summitt corporation has manufactured and distributed basketball equipment for 20 years. its owners would like to avoid the corporate income tax and are considering becoming a limited liability company (llc). what tax savings may result from electing to be treated as an llc? what federal tax costs will be incurred to make the change from a c corporation to an llc? would the same transaction costs be incurred if instead the corporation made an s election? would the transaction costs be incurred had llc status been adopted when the entity was initially organized?