• Part B: You had a successful meeting with Ms. Wilson this past Monday. She has decided to incorporate her business, as incorporating creates a separate legal entity and should provide her limited liability. Her new corporation is called Clean Smoothies, Ltd. ("CL"). While you were in the mee????ng with Ms. Wilson she brought up a few new items that you believe require some tax analysis. Notes from the Monday meeting with Ms. Wilson: Ms. Wilson is looking for advice on how to acquire a vehicle. CL owns a vehicle that Ms. Wilson would like to use personally. In order to save money, she is considering having CL sell her the vehicle for 50% of its fair market value. Ms. Wilson thinks this would be a good way for her to obtain a vehicle, but only at a frac????on of the cost compared to if she were to go and buy a vehicle directly from a car dealership.Ms. Wilson is considering purchasing an interest in Powder Strength, Ltd. (PS), a company that manufactures and distributes protein powder. PS is currently owned 100% by Jerry Li, Ms. Wilsons brother-in-law (i.e. Jerry is married to Ms. Wilsons sibling). Ms. Wilson wants to purchase a 30% interest in PS from Jerry at a fair market value price. PS has been quite successful in the protein powder industry, generating over $700,000 of active business income last year. Ms. Wilson thinks the acquisition in PS would be a good investment, but she does not want to do anything that would impact CL.Your boss has asked you to draft a response to Ms. Wilson which should address the following. Required:Do you agree with Ms. Wilson that having the company sell her the vehicle at 50% of its fair market value is a good idea? Explain the relevant tax rules and your conclusion.Ms. Wilson with thoughts regarding the tax implications of acquiring a 30% interest in PS. Describe the tax implications to CL (if any), and why the rules would apply.