Focus: whether to make a straight election rather than claim 100% Bonus on a new addition

Facts: Kelly White is a single taxpayer. She owns an S Corporation that generates taxable income of $636, 150. This is reported on line 1 of the Sch K of the 1120S. She takes all of the income as her distributable share. The S Corporation does not pay her salary. Nor does she claim itemized deductions. In 2021 her business makes a significant asset acquisition that has cost basis of $500,000. The asset has a 5-year life for tax purposes.

Question: If Kelly claims 100% Bonus depreciation what will taxable income be for 2021 (year 1)? How much tax does Bonus save in year 1?