John Jones, age 31, is single and has one son that lives full time with him, John Jr. is 12 years old. At the beginning of 2020, John started his own excavation business and named it Earth Movers. John lives at 1045 Center Street, Lindon, UT, and his business is located at 381 State Street, Lindon, UT. 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. In 2020, John reports the following items in connection with his business.

Fee income for services rendered	$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	560,000
Purchase of a new dump truck on January 18, 2020	80,000

During 2020, John recorded the following additional items.

Interest income from First National Bank	$10,000
Dividends from ExxonMobil	9,500
Quarterly estimated tax payments	11,500

John wants to maximize his cost recovery deductions (including taking any 179 expense and any available 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. John wants to know what effect these transactions would have on his 2020 adjusted gross income.

Complete the 2020 tax return, using and TURNING IN ALL required forms and schedules.