end of year is December 31st for this question

• Clark paid $1,050 for a notebook computer, which he placed into service in his business on May 16, 2018. He has used the notebook exclusively in his business (i.e., no personal use). He sold the notebook computer for $570 on September 3, 2020.

• Clark spent $423,000 on a factory building, which he placed into service in his business on January 12, 2019.

0. Required: Explain what taxable income Clark had from his business in 2019 and 2020 after accounting for the events described above. For purposes of this requirement, assume that (1) prior to calendar year 2018, Clark took bonus depreciation when allowed; (2) Clark chose not to take bonus depreciation for any assets placed into service during calendar years 2018, 2019, and 2020; and (3) other than making a section 179 election with respect to the furnace, Clark has not made any other tax elections (e.g., he has not elected to deduct costs under the de minimis safe harbor rules for low-cost personal property).