Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). What is the maximum amount of $179 expense Dain's may deduct for the year? What is Dain's maximum depreciation deduction for the year (including $179 expense)? If the January drill bits' original basis was $2,875,000, what is the maximum amount of $179 expense Dain's may deduct for the year? If the January drill bits' original basis was $4,275,000, what is the maximum amount of $179 expense Dain's may deduct for the year? Asset Purchase Date Original Basis Drill bits (5-year) January 25 $90,000 Drill bits (5-year) July 25 95,000 Commercial building April 22 220,000