Income taxation

Compute allowable MACRS, section 179 and special first year write off for Queen Corp. (QC) for 2016, 2017, 2018, 2018 and 2019. Compute gain/loss on widget sold in 2019.

In 2016 QC purchased a Framus (ten-year item) for $3 million. QC mad no special elections for 2016.

In 2017 QC purchased four widgets (five-year) items for 450,000 each, QC declined special first year write off only.