calculate tac return of the year

John and Ellen Brite are married and file a joint return. They have no dependents. John owns an unincorporated specialty electrical lighting retail store, Brite-On. Brite-On had the following assets on January 2, 2013:

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Assets Cost Old store building purchased April 1, 2002 200,000 Land $40,000 Equipment (7-year recovery) purchased January 10, 2008 55,000 Inventory valued using FIFO method: Old inventory: 40,000 light bulbs $4/bulb Newest 50000 5

Brite-On purchased a competitor’s store on March 1, 2013 for $225,000. The purchase price included the following: New store building $161000(FMV) Land 50000 (FMV) Equipment (5-year recovery) 30,000 (FMV) Inventory: 5,000 light bulbs $7/bulb (cost)

On June 30, 2013, Brite-On sold the 7-year recovery period equipment for $20,000. Brite-On sold 60,000 light bulbs at a price of $12/bulb during the year. Brite-On had the following revenues Service revenues $45,000 Interest expense on business loans 7950 Operating expense 18795 Taxes and licenses 15575 Utilities 29600

John and Ellen also had some personal expenses: Medical bills $ 6600 Real property taxes 9300 Home mortgage interest 123,00 Charitable contributions (cash) 5300

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Please calculate the 2014 tax return for them, and show how do you calculate much amount. (just show me the formate, or the calculation will be fine thanks)

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