A taxpayer purchases $507,000 worth of property that qualifies for the Section 179 deduction during the current year. The taxpayer would like to deduct the greatest depreciation expense possible (including the Section 179 deduction) on the property.

Indicate how the depreciation expense should be determined:

1.An individual is allowed to deduct up to _______ per year of qualifying purchases of property used in

a trade or business.

2.A partnership is aconduitentity where, similar to a Sub S, a partner's share of the elected expenseflows through to the ownerswhere each partner is subject to a______ limitation. And, like the individual, corporation, and S corporation must use the propertyin a trade or business.