John and Ellen Brite are married and file a joint return. John owns an unincorporated specialty electrical lightning retail store, Brite-On had the following assets on January 1, 2014:

Assets: Old store building purchased April 1, 1999 $100,000

Equipment ( 7-years recovery) purchased January 10, 2009 30,000

Inventory valued using FIFO method: 4,000 light bulbs $5/bulb

Brite-On purchased a competitor's store on March 1, 2014 for $107,000. The purchase price included the following:

New store building $60,000 (FMV)

Land 18,000 (FMV)

Equipment(5-year recovery) 11,000 (FMV)

Inventory:3000 light bulbs $5/bulb (cost)

On June 30, 2014, Brite-On sold the 7-year recovery period equipment for $12,000. Brite- On leased a $30,500 car for $500/month beginning on January 1, 2014. The car is used 100% for business and was driven 14,000 miles during the year.

Brite-On sold 8,000 light bulbsat a price of $15/bulb during the year. Brite on made additional purchases of 4,000 light bulbs in August of 2014 at a cost of $7/bulb. Brite on had the following revenues (in addition to the sales of light bulbs) and additional expenses:

Service revenues $64,000

Interest expenses on business loan 4000

Auto expenses (gas, oil, etc,) 3,800

Taxes and licenses 3,300

utilities 2,800

Salaries 24,000

John and Ellen also had some personal expenses:

Medical bills $4,500

Real property taxes 3,800

state income taxes 4,000

Home mortgage interest 5,000

Charitable contribution (cash) 600

The Brites recived interest income on a bank saving account of $275. John and Ellen made four $5,000 quarterly estimated tax payments. For self-employment tax purposes, assume John spent 100% of his time at the store while Ellen spends no time at the store.

Additional Facts: Equipment acquired in 2009: The Brites elected out of bonus depreciation and did not elect Sec. 179.

Equipment acquired in 2011: The Brites elected Sec. 179 to expense the cost of the 5-year equipment but elected out of bonus depreciation.

Lease inclusion rules require that Brite-On reduce its deductible lease expense by $8

Compute the Brite's taxable income and balance due or refund for 2014.

i need the following forms:

I need the following forms: Forms Included: Form 1040, page 1 Form 1040, page 2 Schedule A Schedule C Schedule SE Form 4562 Form 4797 Form 1040 - General Taxpayer Info. Exemptions Form 1040: Line 8a - Interest income Line 44 - Tax Line 56 - S/E Tax Line 63 - Estimated tax payments Schedule A: Line 1 - Medical Line 5 - State taxes Line 6 - R/E taxes Line 10 - Mortgage interest Line 16 - Charitable Schedule C: Line 1 - Income Line 4 CGS

ACC 175 - CASE 3 PROBLEM I:48 - CH 10 Pages 457 458 GRADING RUBRIC Line 9 - Car & Truck 2.00 Line 13 - Depreciation 2.00 Line 16b - Interest 2.00 Line 20a - Rents 2.00 Line 23 - Taxes 2.00 Line 25 - Utilities 2.00 Line 26 - Wages 2.00 Form 4562: Page 1 Page 2 Form 4797: Page 2