4. MC.08.057 Bonnie purchased a new business asset (five-year property) on March 10, 2019, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2019, at a cost of $13,000. Bonnie did not elect to expense either of the assets under 5 179, nor did she elect straight-line cost recovery. Bonnie takes additional first-year depreciation. Determine the cost recovery deduction for 2019 for these assets. a. $9,586 b. $7,858 Oc. $43,000 Od. $21,915 5. MC.08.073 On June 1, 2019, Norm leases a taxi and places it in service. The lease payments are $1,000 per month. Assuming the dollar amount from the IRS table for such leases is $241, determine Norm's gross income inclusion amount. a. $0 b. $907 c. $1,687 d. $241 6. MC.08.063 White Company acquires a new machine (seven-year property) on January 10, 2019, at a cost of $620,000. White makes the election to expense the maximum amount under 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2019 assuming White has taxable income of $800,000 a. $620,000 b. $88,598 c. $568,574 d. $301,159