Reference no: EM131018889
Organizational Analysis & Design Plan: Project Description and Scoring Guide :- $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.
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.
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.
Bob has hired your firm for professional advice regarding whether he should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. He is also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single.
Please assist with the following using the above information;
- Identify the tax consequences on the sale or exchange of the land consistent with the capital gains rules
- Describe the after tax effects on the client's cash flow based on teh sale ofthe land. Consider including the capital gains tax rules.
Tax authority needs to be included or at least what to look for
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: Identify the tax consequences on the sale or exchange of the land consistent with the capital gains rulesDescribe the after tax effects on the client's cash flow based on teh sale ofthe land.
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