Case 2. John Smith, age 31, is Divorced and has no one residing with him. At the beginning of 2020, John started his own excavation business and named it Earth Movers (the sole proprietor). John lives at 1045 Center Street, Lindon, UT, and his business is located at 381 State Street, Lindon, UT, USA. The ZIP Code for both addresses is 84042. Johns Social Security number is 111-11-1111, and the business identification number is 11-1111111. John is a cash basis taxpayer. He pays $60,000 to his ex-wife annually of which $36,000 will discontinue when their son reaches 19 years of age, the remainder will cease in the ex-wife remarries or dies. During 2020, John had the following items in connection with his business: Fees for services $912,000 Building rental expense 36,000 Office furniture and equipment rental expense 9,000 Office supplies 2,500 Utilities 4,000 Salary for secretary 34,000 Salary for equipment operators 42,000 Payroll taxes 7,000 Fuel and oil for the equipment 21,000 Purchase of three new front-end loaders on January 15, 2020, for $550,000. John made the election under 179. 550,000 Purchase of a new dump truck on January 18, 2020 80,000 During 2020, John had the following additional items: Interest income from First National Bank $10,000 Dividends from ExxonMobil 9,500 Quarterly estimated tax payments 11,500 John does take additional first-year depreciation. On October 8, 2020, John inherited IBM stock from his Aunt Mildred. John had been her favorite nephew. According to the data provided by the executor of Aunt Mildreds estate, the stock was valued for estate tax purposes at $110,000. John is considering selling the IBM stock for $125,000 on December 29, 2020, and using $75,000 of the proceeds to purchase an Acura ZDX. He would use the car 100% for business. Prepare Johns Form 1040 for the year end 2020 in good form.