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.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.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.The company FPA has the following income, expense, and loss items for the current year:Sales $850,000Tax-exempt interest $40,000Long-term capital gain $85,000Short-term capital loss $35,000Passive activity loss $20,000Cost of goods sold $480,000Depreciation $40,000Section 179 expense $50,000Other operating expenses $200,000Net operating loss (from previous year) $24,000Which forms need to be filed for a Sole Proprietorship?
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