TAX FORM/RETURN PREPARATION PROBLEMS Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2020: Sales (less returns and allowances) Cost of goods sold Office expenses Depreciation* Legal services Salary expenses Travel expenses Repair expenses * Information related to Mr. Jones's depreciation: Cost of office furniture acquired and placed in service on $1,250,000 500,000 10,000 ? 4,000 36,000 30,000 20,000 April 15, 2020 (7-year recovery). Cost of warehouse acquired and placed in service on August 1, 2020 Depreciation on assets purchased and placed in service prior to 2020 $480,000 750,000 28,000 The business operates under the name Jones Widget Company and is located at 400 W. Main Street in Springfield, Maryland 21368. Its employer identification number is 55-9876543. The business uses the cash method, Thom materially participates in it, and it did not make any payments that would require it to file Form 1099. Complete Thom's 2020 Form 4562 and Schedule C of Form 1040, assuming he elects to expense the maximum amount possible under Sec. 179 and uses bonus depreciation for any eligible amounts exceeding the Sec. 179 maximum