Election to Expense Assets (LO, 5) Brad is a shareholder and full-time employee of an 5 corporation. During 2020, he earns a $50,470 salary from the corporation and is allocated $12,070 as his share of its net operating loss. In addition, Brad owns a limited partnership interest from which he earns $12,070 during 2020, Kanika, Brad's wife, operates a small business as a sole proprietorship. During 2020, she spends $71,270 on equipment for use in her business, which has a taxable income of $16,770 before the Section 179 deduction a. Assuming that Brad and Kanika elect to expense the maximum amount under Section 179, what is the allowable deduction for 2020? Their Maximum Section 179 deduction for 2020 i 71,270 but will be limited to re