please i need help with this return

Alice J. and Bruce M. Jones are married taxpayers who file a joint return. Alice's birthday is September 21, 1961, and Bruce's is June 27, 1960. Bruce is the office manager for Ames Dental Clinic. Alice is the CPA at Lehman, York \& Hunter CPA, LP. The Jones provide less half of the support of their two children, Cynthia (born January 25, 2001, Social Security number (017-44-9126) and John (born February 7, 2002 , Social Security number (017-27-4148), who live with them. Over half of Cynthia and John's support is provided by Bruce's parents. Both children are full-time students and live with the Jones all year except when they are away for a 2-month summer camp where they both worked as counselors. Cynthia is in full time college student, and earned $7,500 from the sunimer counselor's job. in 2020, and John is a high school student and he carned $6,000 in 2020. In 2020, the Jones' paid \$4,000 for Cynthia's college tuition. The Jones also provided all the support for their 27-year-old son Sam who recently graduated college but cannot find employment. Sam lives in Washington DC. According to Mr. Jones on July 01,2020 , he and his wife exchanged their twofamily house in Nassau County (125 Pine Avenue, Westbury, NY), which they rented entirely from January 01,2015 to July 01,2020 , for a four-family rental property located at 1428 East 172nd Street, Bronx, NY plus $75,000 cash. At the time of the exchange, the FMV of the two-family house was $900,000, and the adjusted basis was $?? ? (you must calculate the A/B). The six-family house had an adjusted basis of $450,000 and a FMV of $725,000 at the time of the exchange. The two-family home was subject to a $100,000 mortgage, which the buyer assumed. The Jones also owned and rented a two-unit commercial retail building located at 1383rd Ave, New York NY, which they purchased on December 01, 2019 and placed in service on January 01,2020 . Information for all three of the rental properties is listed below. In February 2020, Bruce decided to start his own business; a retail bicycle shop to be located in NYC near Central Park called "Bruce's Bikes." On April 20, 2020, Bruce signed a 15 -year lease at a monthly rental rate of $15,000, effective May 01,2020 , for retail space on 110th Street and CPW. The lease provided that Bruce was responsible for the costs of improving the retail space for its intended use. The terms of the lease also provided that the first two months were rent-free so that Bruce could complete the construction needed to operate a retail bike shop. When Bruce executed the lease, he paid the landlord $60,000 as a security deposit. On May 01,2020 , Bruce paid a contractor $375,000 to contractor to provide all construction work relating to the build-out, which included electrical, plimbing, and carpentry. On June 01, 2020, Bruce purchased the following assets for the business: Although Bruce planned on a grand opening on July 01, 2020; however, the construction was not completed until July 21,2020, causing Bruce to delay the grand opening until August 01, 2020. On August 01,2020 , Bruce purchased a new truck for $24,750, to be used 100% in the business for pickups and deliveries. Bruce planned to finance the new business with the $175,000 inheritance he received on 03/01/2020, from his late father's estate. Bruce also planned to use $125,000 of savings he had invested with Madoff Investment Securities (MIS) but leamed on 4/29/2020, that his entire savings was lost as a result of a massive Ponzi scheme, which was not covered by any insurance. In order to come up with the additional funds needed to finance the construction, equipment, and inventory, Bruce's grandfather loaned him $115,000 on 06/10/2020. On December 25,2020 , Bruce received a letter from his grandfather stating that he forgives the entire $115,000 loan effectively immediately. For 2020, the bike shop generated the following revenues and incurred the following expenses: - Bruce has decided that he wants to minimize his tax as much as legally possible and has requested your assistance in preparing his 2020 Federal income tax return. - Bruce has asked you to depreciate as much of the capital expenditures as legally possible, but does not want to use IRC Sec 179 or first-year bonus depreciation. The company has adopted the accrue method of accounting for inventory and cash method for all other purposes. On March 15, 2020, York Technology Inc. filed for bankruptcy resulting in a total loss for its' only two shareholders. Bruce and a friend founded the company on May 15, 2018, with each owning 50% of the outstanding shares. Both Bruce and his friend each initially contributed $125,000 in exchange for their 50% interest in the company. Bruce and Alice earned \$2,500.00 interest income from savings in 2020. Bruce earned $5,650 in interest income from US Treasury Bonds in 2020. On October 18, 2020, Bruce received $5,000 of dividend income from JP Morgan Chase Stock, which he purchased on September 01, 2019. On November 15, 2020, Bruce sold some of his JP Morgan Stock for $125,000, which he purchased on July 01,2019 for $90,000. - Bruce was named as the sole beneficiary on his late mother's life insurance policy, and on December 31, 2020, Bruce received a check for $170,000 from the insurance company, which he held and deposited on January 02, 2021. On June 13,2020 , Bruce sold 1,200 shares Citibank Stock for $45,000. He On June 13, 2020, Bruce sold 1,200 shares Citibank Stock for $45,000.He purchased the stock on July 17,2019 for $80,000. On November 04, 2020, Alice received a settlement award for injuries sustained in 2019. The settlement award included the following amounts: on previous On November 03, 2020, Bruce determined that a personal loan to a friend was uncollectible because his friend had recently and unexpectedly died. The apount of the loan was $10,000. On July 01,2023 , Bruce placed 1428 East 172nd Street. From July 2023 to December 2023 , Bruce collected $5,750.00 per month for in rental income from 1428 East 172nd Street, Bronx, NY. In 2020 Bruce paid real estate taxes of $7,500.00 and $3,750 for utilities. Bruce paid no other expenses in 2020 for 1428 East 172nd Street. Other Rental Income and Expenses for 2020 included: Bruce and Alice 2020W2 statement shows the following wages and withholdings: Instructions: Make realistic assumptions about any missing or inconsistent data and state your assumptions on a separate typed schedule. Required: i. Prepare form 1040, including all schedules and forms for 2020. (Do not prepare NYS or NYC tax returns). ii. Taxpayers do not wish to use the Reduce Deduction Election for charitable donations. iii. All work must by typed onto approved IRS forms (no hand written forms will be accepted). iv. Read chapter 8 to determine how to handle depreciation/amortization. v. Only hand in the appropriate forms and schedules