Question
INFO GIVEN Bob (from Florida) age 60 single retired from IBM 401k = $690,000 business he wants may make taxable income = $300,000 Personal Wealth
INFO GIVEN
Bob (from Florida) age 60 single retired from IBM
401k = $690,000
business he wants may make taxable income = $300,000
Personal Wealth = $14,000,000
*interest income = $20,000
*dividend income = $6,000
*Land = $9,000,000 (bought in 1966 for $450,000)
may possibly transfer 40% interest to daughter Mandy age 23 single
THE DECISION
Bob has a used car dealership (S corporation) I am the working at a CPA firm and Bob would be my client and I have decided to use the cash method( instead of the accrual method)
QUESTION/PROBLEM
fill out 1120S and schedule k-1
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