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 in Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income. Bobs 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. In this short paper, you will compute the property disposition capital gain and taxation of gross income for the client described in the final project. Based on your computations and relevantsections of the Internal Revenue Code, explain the tax consequences on the possible sale or exchange of the land, including the impact on cash flow and salary or cash distributions. Specifically,the following critical elementsmust be addressed: A. Calculate the property disposition capital gains and taxation of gross income. B. Identify the tax consequences on the sale or exchange of the land consistent with capital gain rules. Consider the selling expense, brokers fees, closing costs, appraisals, and surveys and the correct schedule form to complete. C. Describe the after tax effects on the clients cash flow based on the sale of the land. Consider including capital gains tax rules. D. Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and the Internal Revenue Code and Treasury regulations. Consider the type of business and the tax effect whether it is salary, dividends,or cash withdrawal