Bob Jones age 60 ,single has reciently retird from IBM and has $690,000 available in his 401 (k) fund and he is think in g of using this money to open a used car buisness under a S corperation. It will be located at 210 ocean view drive penscola florida. Bob has estimated the buisness might make $300,00 in taxable income Bob's peronal wealth including investment in land and stock and bonds is about $14,000,000. He reported an interest income of $20,000 and divindend income of $6,000 last year. The $14,000,000 includes land that Bob will be selling to open the buisness. The land was purchased for $450,000 in 1966. Bob also wants to transfer 40% to his single daughter Mandy age 23 and sigle. How will a scheule E (form 1040) be completed? is