Group Project $2$

John Rivera, age $31,$ is aingle and has no dependents. At the beginning of $2024,$ John started his own excavation business and named it Earth Movers. John lives at $1045$ Center Street, Lindon, UT$,$ and his business is located at $381$ State Street, Lindon, UT$.$ The Zip Code for both addresses is $84042.$ John's Social Security number is $111-11-1111,$ and the business identification number is $11-1111111.$ Jokn is a cash basis taxpayer. During $2024,$ John reports the following items in connection with his business:

During $2024,$ John recorded the following additional items:

$1.\backslash (\backslash$$ $10,000\backslash )$ Interest income from First National Bank

$2.\backslash (\backslash$$ $9,500\backslash )$ Dividends from EsxonMobil

$3.\backslash (\backslash$$ $11,500\backslash )$ Quarterly eatimated tas payment

$4.$ John contributed $\backslash (\backslash$$ $6000\backslash )$ to $\backslash ($ m $\backslash$operatorname$\{$IRA$\}\backslash )$ account $($hint he could only contribute to one type of IRA based on his AGI$)$

$5.$ Sale of ABC Inc. publicly traded stock on $\backslash (1/15/2024\backslash )$ for $\backslash (\backslash$$ $15,000\backslash )($originally purchased for $\backslash (\backslash$$ $10,000\backslash )$ on $1/15/2018)$

$6.$ Sale of DEF Inc. publicly traded atock on $\backslash (11/15/2024\backslash )$ for $\backslash (\backslash$$ $2,000\backslash )($originally purchased for $\backslash (\backslash$$ $17,000\backslash )$ on $\backslash (3/15/2024\backslash ))$

$7.$ On October $8,2024,$ John inherited GHI Inc stock from his Aunt Mildred. The stock was valued for estate tax purposes at $\backslash (\backslash$$ $11,000\backslash ).$ John sold GHI Inc. stock for $\backslash (\backslash$$ $12,500\backslash )$ on December $29,2024.$

$8.$ John wanted to maximize the depreciation deduction.

Prepare the $2024$ Federal income tax return for Jokn. Ignore self$-$employment taxes. Take qualified business income deduction and standard deduction. Please submit the following items:

$(1)$ Cover page with the group$/$section number and the names of each group member

$(2)$ Form $1040,$ Schedule $1,$ Schedule B$,$ Schedule C$,$ Schedule D and Form $4562$

$(3)$ Detailed calculation.

$(4)$ Each group member's participation survey