Individual Tax Case Study
Facts
Age: 60
Marital status: Single
Bob recently retired from IBM and has $690,000 available from his 401(k) fund. He plans on using the money to open a used car business. The business will be located at 210 Ocean View Drive in Pensacola, Florida. The estimated taxable income from the business might be $300,000. Bob’s individual wealth including investments in stocks, bonds, and land is approximately $14,000,000. Last year, Bob reported a dividend income of $6,000 and an interest income of $20,000. The $14,000,000 comprises of land worth $9, ...