2 DR.E.Brown Enterprises offers 24 hour scientific services and is in need of new equipment. Complete the following table using formulas to consider applicable limitations. Also consider 3 what the maximum Elected $179 could be without creating a carryforward. 4 S (HINT: Use the MIN Function for Maximum $179 after T.I. limit) 6 (HINT: Only one cell's formula will be different between the two scenarios) 7 8 Maximum $179 No 179 Carryforward 9 Taxable Income 1,325,000 1,325,000 0 Machinery Placed In Service 1 $179 Threshold 3,003,000 3,003,000 2,890,000 2,890,000 2 Phase-out of max $179 113,000 113,000 3 Maximum $179 before phase-out 1,160,000 1,160,000 4 Maximum $179 after phase-out 1,047,000 1,047,000 5 Elected $179 1,047,000 6 Basis after 179 1,956,000 7 MACRS Depreciation Rate Year 1 14.29% 14.29% 8 MACRS Depreciation Year 1 279,512 9 $179 Taxable Income Limit 1,045,488 1,325,000 20 Maximum $179 after T.I. limit 1,045,488 1,325,000 1 Excess 179 carried forward 1,512 2 Total Depreciation Year 1 3 Remaining Basis 4