TAX 650 Data Sheet for Final Project 80b Jones iS a -year-old Single man Who has recently retired from IBM has in his 401(k) fund, and he iS thinking Of using that money to open a used tar business that will be located at 210 Ocean View in Pensacola, Florida. 8-0b has that the might make S3mOO in taxable incorne. Bob'S personal wealthincluding investments in land, Stocks, and bondsis about He reported an interest income Of S20,Cm and a dividend income Of last S14,WOOO includes land worth that 80b bought in 19-96 for $450,000 80b has hired your firm for professional advice regarding whether he Should operate as a proprietor, a partnershlp, an S or a C corporation. He iS also considering transferrir* a possible 40% interest in his new business to his daughter Mandy, who iS 23 years Old and Single. Ot he r Consideratio nS 8-0b has Offered this mfO as possible deductions: Mortgage Interest: $19,250 Cha ritable Contributions: S22,SW Openses o Cosmetic n OSe job : Prescriptions: $1,710 o Over-the-counter m S 285 o Health insurance premiums: cnrtor visits: $1, 140 Medical miles 499 Real Estate Property Taxes personal Property Taxes: Credit Card Interest for Home Improvements: $1,800 personal Legal Expenses: SS,COO Contribution to Major political Party: Miscellaneous Deductions o Tax preparation feed (personal return): o Investrnent expenses: 100 You will that 30b either takes a salary Of SIOOOO or a cash distribution Of Assume no federal income taxes will be withheld. The net income already accounts for the salary expense Bob receives and cash distribution, where applicable.