Question
Refer to the facts in Problem 1:10-47 for John and Ellen Brite. The following information is also available for them: John (SSN 123-45-6789) and Ellen
Refer to the facts in Problem 1:10-47 for John and Ellen Brite. The following information is also available for them: John (SSN 123-45-6789) and Ellen (SSN 234-56-7890) live at 111 Maple Street, Johnsonville, Colorado 81733. Brite-On is located at 3900 Market Street, Johnsonville, Colorado 81733. Its employer identification number is 44-1357924. The business uses the accrual method and did not make any payments that would require Form 1099 to be filed. It has used the cost method to value inventory for many years. John and Ellen do not have any transactions involving virtual currency. Complete the Brites" 2020 Form 1040. Schedules 1. 2. C, and SE, and Forms 4562, 4797. and 8995.
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