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Election to Expense Assets (LO. 5) Firefly, Inc., acquires business equipment in July 2020 for $2,605,000. Assume that Firefly elects not to claim bonus depreciation.

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Election to Expense Assets (LO. 5) Firefly, Inc., acquires business equipment in July 2020 for $2,605,000. Assume that Firefly elects not to claim bonus depreciation. a. Firefly's maximum Section 179 deduction for 2020 is $ b. Any portion of the annual limit not deducted in 2020 c. The depreciable basis of the equipment is $

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