Carlton, a single taxpayer, owns a Pelican LLC, a computer service, and operates it as a sole proprietorship. In 2020, Pelican LLC's taxable income is $426,000. Carlton is considering purchasing new equipment is wondering what kind of tax consequences he's going to face. If Carlton spends $2,890,000 on new equipment, what is his $179 expense deduction carryforward? $300,000 O $179,000 $314,000 $426,000 Question 5 On September 1, 2020, Stephen places in service listed property (MACRS 5-year property). The property cost is $15,000. At end of the year, Stephen has summarized his activities and realized that he used the property 40% for business and 25% for production of income. Upon further consultation, he elects not to take any available additional first-year depreciation. What Stephen's cost recovery allowance for the year? $1,500 $600 $975 $375