Comprehensive Business Property Problem ACCT 4410/6140 Professor Burke Falcon, Inc. has the following assets in service at the end of 2021: Asset Cost Recovery Period Date placed in service 1,000,000 200,000 15,000 Commercial RE Commercial RE 7 March 2018 March 2018 June 2018 Building Land Furniture and Fixtures Manufacturing Equipment Manufacturing Equipment Transportation Equipment Office Equipment 7 80,000 219,000 795,000 70,000 7 5 April 2019 January 2021 August 2021 December 2021 7 In 2021 Falcon has taxable income of $10,000,000. Falcon did not utilize a $179 deduction or bonus depreciation prior to 2021. They would like to take the $179 deduction, but not bonus depreciation, this year. Calculate the most beneficial cost recovery for Falcon for 2021. Now assume Falcon Inc. would like to take bonus depreciation this year. Comprehensive Business Property Problem ACCT 4410/6140 Professor Burke Falcon, Inc. has the following assets in service at the end of 2021: Asset Cost Recovery Period Date placed in service 1,000,000 200,000 15,000 Commercial RE Commercial RE 7 March 2018 March 2018 June 2018 Building Land Furniture and Fixtures Manufacturing Equipment Manufacturing Equipment Transportation Equipment Office Equipment 7 80,000 219,000 795,000 70,000 7 5 April 2019 January 2021 August 2021 December 2021 7 In 2021 Falcon has taxable income of $10,000,000. Falcon did not utilize a $179 deduction or bonus depreciation prior to 2021. They would like to take the $179 deduction, but not bonus depreciation, this year. Calculate the most beneficial cost recovery for Falcon for 2021. Now assume Falcon Inc. would like to take bonus depreciation this year