Income Tax 2. Compute the allowable MACRS, section 179 and special first year write-off for Good Corp. (GC). GC elected all write-offs unless indicated otherwise. Use exhibit 10-3 on page 10-9 for MACRS period if it is not stated in given facts. In September 2019 GC purchased five fork-lifts (five-year items). Cost 200,000 each (total 1 million). GC declined section 179 and special first year write off on these items. In 2021 GC sold one of the forklifts for 85,000. What are MACRS amounts for GC for all forklifts until they are completely written off. What is gain or loss, if any on sale of forklift in 2021? Is it capital or ordinary, long term or short term