In August of 2019, Mack, a calendar year taxpayer, acquires and places into service business equipment costing $2,100,000. The equipment is classified as 7-year recovery property. No other acquisitions are made during the year. Mack's taxable income before consideration of any Sec. 179 deduction is $4,500,000. Mack elects to expense the maximum amount under Sec. 179 and also wishes to maximize bonus depreciation. For 2019, what is Mack's total cost recovery related to this equipment?

Group of answer choices

1,388,607

2,100,000

300,090

1,418,606

2.

Which of the following statements (a-d) regarding a Net Operating Loss (NOL) is true?

Group of answer choices

The farthest back any NOL can be carried is 5 years.

An NOL must be carried back 2 years, before it can be carried forward.

S Corporations and Partnerships are not permitted an NOL deduction.

Beginning in 2019, individuals are no longer permitted an NOL deduction.