Bobs personal wealth including investments in land, stocks, and bonds is about $14,000,000. He reported an interest income of $20,000 and dividend income of $6,000 last year. The $14,000,000 includes land worth $9,000,000 that Bob bought in 1966 for $450,000. Bob has hired your firm for professional advice regarding whether he should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. He is also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single. In this short paper, you will compute the property disposition capital gain and taxation of gross income for the client described in the final project. Based on your computations and relevant sections of the Internal Revenue code, explain the tax consequences on the possible sale or exchange of the land, including the impact on cash flow and salary or cash distributions. Specifically, the following critical elements must be addressed: A. Calculate the property disposition capital gains and taxation of gross income. B. Identify the tax consequences on the sale or exchange of the land consistent with capital gain rules. Consider the selling expense, brokers fees, closing costs, appraisals, and surveys and the correct schedule form to complete. C. Describe the after-tax effects on the clients cash flow based on the sale of the land. Consider including capital gains tax rules. D. Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and Internal Revenue Code and Treasury regulations. Consider the type of business and the tax effect whether it is salary, dividends, or cash withdrawal.