Measure the wall's corner, from the ceiling to the floor, and subtract 1/2 inch. The baseboard will eventually cover the 1/2-inch gap. Transfer the measurement to a pre-taped drywall corner bead. Cut the corner bead with tin snips.
Apply an even 1/8-inch thick layer of drywall mud on both sides of the corner using a 6-inch putty knife. Smooth it as much as possible with the knife.
Spray the pre-taped corner bead's surface with water from a spray bottle. Don't saturate the corner bead, just make it damp.
Press the pre-taped corner bead firmly over the corner. Run your fingers up and down the corner bead, on both sides of the corner. Clean up the extra drywall mud that oozes out from underneath the corner bead by dragging the 6-inch putty knife up the corner, on both sides.
Hold the 6-inch putty knife with its edge horizontal and pressed against the side of the corner bead. There should be a slight gap between the corner bead and the knife's edge. This gap will be filled with drywall mud once you finish the corner. If you notice the corner bead sliding and bulging, secure the top edge to the drywall with staples.