I am needing quick assistance with Milestone Four of the Final Project for the TAX-650 graduate course from SNHU. I have successfully completed the previous three milestones, & this last milestone is the actual completion of the 1040 Form & associated schedules for my hypothetical client. I want to ensure that my work is accurate for the tax preparation phase so that I can retain a high grade. I am advising my client to begin his business as a sole proprietor after researching his other options. I have attached the rubric for this milestone for the project, and the background of the project scenario is listed below:

Scenario:

You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has$690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive inPensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bob?s 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. Heis also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single.

Please advise if any additional information is needed for the completion of his 1040 Form & associated schedules in accordance with the grading rubric attached for Milestone Four. Your assistance is greatly appreciated!!

TAX 650 Milestone Four Guidelines and Rubric In this milestone, you will submit drafts of completed tax forms for the client described in the final project. You will use these forms to support your client recommendations in the final project. Specifically, the following critical elements must be addressed: A. Prepare the appropriate page of Form 1040 and include the sale of the client's land on the appropriate tax schedule and form for the recommended business entity. B. Prepare the appropriate schedules to reflect taxable income based on your calculations and the disposition of asset. Be certain to complete each tax schedule accurately and completely. Guidelines for Submission: This assignment will be submitted as completed tax forms, which are provided to you in your textbook resource CD or on the IRS website. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Form 1040 Proficient (100%) Prepares the appropriate page of Form 1040 accurately and completely, including the sale of the client's land Needs Improvement (75%) Prepares the appropriate page of Form 1040 on the appropriate tax form, but details are either incomplete or inaccurate Form 1040 Schedules Prepares the appropriate schedules accurately and completely, reflecting taxable income based on calculations and the disposition of asset Prepares the appropriate schedules reflecting taxable income but details are incomplete or inaccurate Not Evident (0%) Does not complete the appropriate page of Form 1040 and does not include the sale of the client's land on the appropriate tax form and schedule Does not prepare the schedules reflecting taxable income Value 50 Earned Total 100% 50