Bob's personal wealth including investments in land, stocks, and bonds is about $14,000,000. He reported an interest income of $20,000 and dividend income of$6,000 last year. The $14,000,000 includes land worth $9,000,000 that Bob bought in 1966 for $450,000.Bob has hired your firm for professional advice regarding whether he should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. Heis also considering transferring a possible 40% interest in his new business to his daughter Mandy, age 23 and single. Prepare the appropriate page of Form 1040 and include the sale of the client's land on the appropriate tax schedule and form for the recommended business entity.B. Prepare the appropriate schedules to reflect taxable income based on your calculations and the disposition of asset. Be certain to complete each taxschedule accurately and completely. I am not sure how to do this. Can anyone help me? We decided the business entity would be an S Corporation.