Everest Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost Everest makes the election to expense the maximum amount under Sec. 179. Assume that the taxable income from trade or business $1, 500,000. What is the amount of the Section 179 expensing deduction for the current year? What is the amount of the Section 179 carryover to the next tax year? What is the amount of depreciation allowed? Assume instead that the taxable income from trade or business is $400,000. What is the amount of the section 179 expensing deduction for the current year? What is the amount of the Section 179 carryover to the next tax year? What is the amount of depreciation allowed this year