Cindy, Carla Chrissy, and Candy call your office to make an appointment to come see you

3. Cindy, Carla Chrissy, and Candy call your office to make an appointment to come see you. The four friends clean houses, and they want to form a partnership called Four C’s Cleaning. Each will own 25 percent, contribute $10,000 to start-up, and each will work 40 hours a week cleaning houses and handling day-to-day operations. They have been cleaning houses “under the table” for years. Therefore they expect to be highly profitable right from day one! Although they will have an office downtown, Cindy wants to set up a home office out of convenience. Carla wants to put her 16 year old daughter on payroll. Even though the girl will not actually work, Carla wants to pay her so that she can put money into a ROTH IRA. Chrissy also wants to contribute her auto to the new partnership. She admits that it will seldom be used for business, but she wanted the partnership to help pay the monthly lease payment. Candy just thinks all this is wrong. But her three friends think it’s okay and “that’s what tax loop-holes are for”. How will you advise the four friends when they come girl will not actually work, Carla wants to pay her so that she can put money into a ROTH IRA. Chrissy also wants to contribute her auto to the new partnership. She admits that it will seldom be used for business, but she wanted the partnership to help pay the monthly lease payment. Candy just thinks all this is wrong. But her three friends think it’s okay and “that’s what tax loop-holes are for”. How will you advise the four friends when they come to your office next week to meet with you?prepare a 3-5 page report on the topic that will include the following requirements:1. The topic chosen2. Identify and research the issue(s)3. Develop a conclusion4. Discuss the reasoning and authority behind the conclusionPlease include references