Check my work 8 Required information [The following information applies to the questions displayed below.] Part 1 of 4 Dain's Diamond Bit Drilling purchased the following assets this year. 0.5 points Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 88,500 101,250 251,000 eBook Print Assume its taxable income for the year was $60,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) References a. What is the maximum amount of $179 expense Dain's may deduct for the year