Question: INFO GIVEN Bob (from Florida) age 60 single retired from IBM 401k = $690,000 business he wants may make taxable income = $300,000 Personal Wealth

INFO GIVEN

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

THE DECISION

Bob has a used car dealership (S corporation) I am the working at a CPA firm and Bob would be my client and I have decided to use the cash method( instead of the accrual method)

QUESTION/PROBLEM

fill out 1120S and schedule k-1

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