Question
For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2020. The taxable income of the business for the year is $5,600 before consideration
For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2020. The taxable income of the business for the year is $5,600 before consideration of any 179 deduction.
If an amount is zero, enter "0".
a.McKenzie's 179 expense deduction is $for 2020. His 179 carryover to 2021 is $.
b.How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment?
McKenzie's 179 expense deduction is $for 2020. His 179 carryover to 2021 is $.
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
