In 2020, Micro Corp. purchased a machine to be used in its business. The machine qualifies as Sec. 179 property. The cost of the machine is $3,010,000. What is the amount of Sec. 179 deduction that Micro Corp. may take in 2020?

$0

$600,000

$620,000

$1,040,000

18- Mr. Jones had the following capital transactions during the current year:

Short-term capital gain

$1,000

Short-term capital loss

2,700

Long-term capital gain

6,500

Long-term capital loss

1,800

What is the amount of Mr. Jones's capital gain net income (or loss) on his Schedule D?

$4,700

$7,500

$(3,000)

$3,000