You are working as an accountant at a mid-size CPA firm. One of your clients is Bob Jones. Bob’s personal information is as follows: DOB: October 10, 1952 SSN: 444-00-4444 Marital Status: Single Home

You are launched as an accountant at a mid-size CPA firm. Single of your clients is Bob Jones.Bob’s identical notification is as follows:DOB: October 10, 1952SSN: 444-00-4444Marital Status: SingleAbode Address: 5100 Lakeshore Drive, Pensacola, FL 32502Bob has a very coerciontunate authenticationd car function located at 210 Ocean View Drive in Pensacola, Florida. Last year, you filed a Schedule C coercion Bob that had $1,200,000 in assessmentable steadfast. The function get bear an steadfast enlargement objurgate of 10% per year aggravate the contiguous divers years. Bob’s identical mammon, including investments in plant, stocks, and bonds, is environing $14,000,000. Last year, he reported profit steadfast of $20,000 and dividend steadfast of $6,000. The $14,000,000 embraces plant treasure $9,000,000 that Bob bought in 1966 coercion $450,000. The stocks and bonds bear a assessment caauthentication of $1,200,000 and they are runningly treasure $5,000,000. All of the investments bear been owned coercion over than a year. In analysis to his investments, Bob hired $140,000 coercion his abode in 1972 and it is now treasure $600,000.The authenticationd car function is runningly treasured at $53,000,000 including the plant and erection, which are treasure $41,000,000. Bob’s assessment caauthentication in the plant and erection is $2,000,000 and $400,000, respectively. The register is treasure $12,000,000, with a consume caauthentication of $5,000,000; the fostering possessions, which embrace function wares and equipment, execute up the residue of the function’s completion treasure. The function wares and equipment are abundantly depreciated.Bob wants your negotiative counsel touching whether he should endure to opeobjurgate as a unmarried resident or divert the function to a society, an S confirmation, or a C confirmation. Grounded on single of the function entities selected, Bob wants to embrace Mandy—his daughter—in the function as an possessor and overseer with a possibility of 40% profit. Single of his concerns is what would happen to his function following he passes abroad.Mandy’s identical assessment notification is as follows:Mandy JonesDOB: June 30, 1990SSN: 999-99-9999Marital Status: SingleAbode Address: 5990 Langley Road, Pensacola, FL 35203Milestsingle Five – Appendix & Assessment CoercionmsIII. Appendix:To advance vindicate your negotiative counsel touching whether the client should endure to opeobjurgate as a unmarried resident or divert the function to a society, an S confirmation, or a C confirmation, adequate the divert assessment schedules using the most running assessment coercionms from www.irs.gov coercion the requirements underneath.A.Prepare Bob’s Coercionm 1040 with the divert assessment schedules and Mandy’sForm 1040 (grounded on the salary he wanted to steadfast her, $70,000 per year.Assume that you are filing the assessment avail using unmarried residentshipcoercion the function existence and treating Mandy as an employee, regardlessof your primal advice coercion this client.B.Prepare the divert coercionms in the occurrence that the client decides to divert the function to a society, an S confirmation, or a C confirmation grounded on your advice.Also, embrace the assessment issue, if any, of the coin that the client and his daughterare vestibule from the function coercion their identical expenses. Embrace the possessors’identical 1040 coercionms as polite.C.Vindicate your advice using schedules and assessment coercionms you adequated by explaining how the coercionms and schedules development in the best economic reresolution coercion the client harmonious with IRS regulation and regulations.Execute sur to authentication the running coercionms from www.irs.gov

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