What effect will this have when preparing tax return.

Family Information:

Husband	Ethan Brown		Birthday: 8/21/1960
Wife	Cora Brown		Birthday: 4/15/1966
Home address	461 Golden Ave, Long Beach, CA 90802
Son	HenryBrown		Birthday: 2/08/1999
Daughter	Sarah Brown		Birthday: 6/13/2009

1. Cora Brown earned gross wages of $100,000 from Microsoft Corp. Her 2020 Form W-2 shows that $15,000 has been withheld from her paycheck for payment of federal income taxes.

2. Ethan Brown also received Social Security benefits of $10,000 in 2020.

3. Ethan Brown owns a used bookstore in Long Beach called Story Books. It is a sole proprietorship located at 2 Pine Ave, Long Beach, CA 90802. Its income and associated expenses for the year ending December 31, 2020, are the following:

Gross Income	$ 495,000
Less: Cost of Goods Sold	(312,000)
Gross Profit	183,000
Automobile Expense	(5,200)
Depreciation Expense	?
Office Expense	(48,000)
Supplies Expense	(1,800)
Meals Expense	(2,000)
Entertainment Expense	(2,400)
Utilities Expense	(3,600)
Salaries and Wages	(80,000)
FICA tax Expense	(6,120)
Total Expense	(?)
Net Income/(Loss)	$ ?

On January 1, 2020, Story Books purchased and place in service a new delivery van for $64,000. The vans weight does not exceed 6,000 pounds. Furthermore, it purchased bookcases (7-year property) for $20,000, and computers (5-year property) for $7,000 on March 1, 2020. Assume Story Books does not have any depreciable assets other than the new assets placed in service for 2020. It elected to use MACRS. Story Books elected out of bonus depreciation and elected not to claim section 179.

4. Interest income consists of the following:

Citibank	$ 700	US Bank	$ 340
Wells Forgo	500	City of Long Beach	$ 120

5. Dividend income consists of the following:

Pfizer

$ 3,200

(Qualified amount

$ 3,200)