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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

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

John and Ellen Brite are married, file a joint return, and are less than 65 years old. They have no dependents and claim the standard deduction. John owns an unincorporated specialty elec-trical lighting retail store, Brite-On. Brite-On had the following assets on January 1, 2020: Assets Cost Old store building purchased April 1, 2005 $100,000 Equipment (7-year recovery) purchased January 10, 2015 30,000 Inventory valued using FIFO method: 4,000 light bulbs $5/bulb Brite-On purchased a competitors store on March 1, 2020, for $206,000. The purchase price included the following: New store building $115,000 (FMV) Land 28,000 (FMV) Equipment (5-year recovery) 45,000 (FMV) Inventory: 3,000 light bulbs $ 6/bulb (cost) On June 30, 2020, Brite-On sold the 7-year recovery period equipment for $12,000. Brite-On leased a car for $860/month beginning on June 1, 2020. The car is used 100% for business and was driven 14,000 miles during the year. Brite-On sold 8,000 light bulbs at a price of $15/bulb during the year. Also, Brite-On made additional purchases of 4,000 light bulbs in August 2020 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 $94,000 Interest expense on business loans 6,000 Auto expenses (gas, oil, etc.) 4,800 Taxes and licenses 3,300 Utilities 2,800 Salaries 36,000 Ellen receives $42,000 of wages from employment elsewhere, from which $4,000 of fed-feral income taxes were withheld. John and Ellen made four $3,100 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 2015: The Brites elected out of bonus depreciation and did not elect Sec. 179. Equipment acquired in 2020: The Brites elected Sec. 179 to expense the cost of the 5-year equipment. Assume that the lease inclusion rules require that Brite-On reduce its annual deduct-ible lease expense by $41. Assume the Brites do not defer the payment of any portion of the 2020 self-employment tax. Compute the Brites taxable income and balance due or refund for 2020

Please I need help with those forms pleaseeeeeee!!!!

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