Gross Income: $750,000 Expenses: $300,000 Asset Cost: $250,000 Use 100% Bonus depreciation a. What is the taxable income? b. How much income tax is due in year 1? Gross Income: $750,000 Expenses: $300,000 Asset Cost: $250,000 Use 100% Bonus depreciation a. What is the taxable income? b. How much income tax is due in year 1