Information Bob (from Florida) age 60 single retired from IBM 401k = $690,000 business he wants
Fantastic news! We've Found the answer you've been seeking!
Question:
Information
Bob (from Florida) age 60 single retired from IBM
401k = $690,000
business he wants may make taxable income = $300,000
Personal Wealth = $14,000,000
*interest income = $20,000
*dividend income = $6,000
*Land = $9,000,000 (bought in 1966 for $450,000)
may possibly transfer 40% interest to daughter Mandy age 23 single
Question
Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and Internal Revenue Code and Treasury regulations. Consider the type of business and the tax effect whether it is salary, dividends, or cash withdrawal.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: