A company has purchased $2,080,000 in Section 179-qualifying property during the year. In addition to using the Section 179 expense deduction, it wishes to use 50% bonus depreciation. Being in the offshore oil and gas business, all such assets are MACRS 5-year property. What will be the tax savings in year 1 as compared to simple MACRS depreciation without Section 179 and 50% bonus depreciation? $258,720 O $278,000 O $308,000 $158,000 A company has purchased $2,080,000 in Section 179-qualifying property during the year. In addition to using the Section 179 expense deduction, it wishes to use 50% bonus depreciation. Being in the offshore oil and gas business, all such assets are MACRS 5-year property. What will be the tax savings in year 1 as compared to simple MACRS depreciation without Section 179 and 50% bonus depreciation? $258,720 O $278,000 O $308,000 $158,000