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Election to Expense Assets (LO. 5) Firefly, Inc., acquires business equipment in July 2019 for $2,560,000. Assume that Firefly elects not to claim bonus depreciation.

Election to Expense Assets (LO. 5) Firefly, Inc., acquires business equipment in July 2019 for $2,560,000. Assume that Firefly elects not to claim bonus depreciation. 1,310,000 X a. Firefly's maximum Section 179 deduction for 2019 is s b. Any portion of the annual limit not deducted in 2019 is lost forever c. The depreciable basis of the equipment is $ 1,630,000 X

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