Question
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
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 availabe 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 in Pensacola, Florida. Bob haas estimated that the business might make $300,000 in taxable income. In this milestone, you will submit drafts of completed tax forms for the client desctibed in the final project. You will use these forms to support your client recommendations in the final project. 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. 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.
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