Election to Expense Assets (LO. 5) In 2020, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2020, he has $12,000 in taxable income from his business. Assume that Theo elects not to claim bonus depreciation. a. Theo's maximum Section 179 deduction in 2020 is $ b. Theo's business taxable income for 2021 is $5,000. He purchases $1,000 of new Section 179 property in 2021. Complete the statements below. If Theo took a deduction equal to his 2020 taxable income, his maximum Section 179 deduction for 2021 is $ If Theo has a carry forward, his maximum Section 179 deduction for 2021 is $