This is a federal taxation question Hello i need help preparing 2017 Forms 4562 and 4797. Thank you. John and Ellen Brite (SSN 000-00-1111 and 000-00-2222, respectively) are married and file a joint return. They have no dependents. John owns an unicorporated specialty electrical lighting retail store, Brite-On. Brite-On had the following asssets on January 1, 2017: Assets Old Store building purchased April 1, 2002 (Cost $100,000) Equipment (7-year recovery) purchased January 10, 2012 (Cost $30,000) Inventory valued using FIFO method: 4,000 light bulbs (Cost $5/bulb) Brite-On purchased a competitor's store on March 1, 2017 for $107,000. The purhcase price included the following: New Store Building $60,000 (FMV) Land $18,000 (FMV) Equipment (5-year recovery) $11,000 (FMV) Inventory: 3,000 light bulbs $6/bulb (cost) On June 30, 2017, Brite-On sold the 7-year recovery period equipment for 12,000. Brite-On leased a $30,500 car for $500/month beginning on January 1,2017. The car is used 100% for business and was driven 14,0000 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 $4000 light bulbs in August 2017 at a cost of $7/bulb. Brite-On had the following revenues (in addition to the sales of light bulbs) and additional expenses: Service revenue $64,000 Interest Expense on business loans $4,000 Auto Expenses (Gas, oil, etc.) $3,800 Taxes and licesnes $3,300 Utilities $2,800 Salaries $24,000 John and Ellen also had some personal expenses: Medical bills $4,500 Real property taxes $3,800 State income taxes $4,000 Home mortgage interest $5,000 Charitable contributions (cash) $600 The Brites received interest income on a bank savings account of $275. John and Ellen made four $5,000 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 aquired in 2012:The Brites elected out of bonus depretoation and did not elect sec.179. * Equipment acuired in 2017: the Brites elected Sec. 179 to expense the cost of the 5-year equipment but elected out of bonus depretiation. * Assume that the lease inclusion rules require that Brite-on reduce its deductible lease expense by $8.