Problem 8 You are a new CPA working for Lin, Robson & Associates tax specialty practice. It is March, 2021 and you and the partner just met with a new client, John Forstill, in regard to his company Pro Led. John lives in Breslau and has owned and operated Pro Lid. since he started the company in the early 2000s. Pro Lid. has been in the business of retailing ladies' fashion shoes for a number of years and has been very successful. A number of years ago, Pro Lid. had the opportunity to acquire a warehousing operation, which it did. This has also been a very lucrative business, In 2019 alone, Pro Lid.'s income from these two businesses was in excess of $1,000,000. On April 1, 2020, 80% of the shares of Style Lid. were acquired by Pro Lid. from the prior owner, a business colleague of John's. The prior owner continued to hold a 20% interest in the common