LO.2,3,9 On June 5, 2016. Javier Sanchez purchased and placed in service a new 7-year class asset costing $550,000 for use in his landscaping business, e operates as a single member LIC (Sanchez Landscaping LLC). During 2016, his business generated a net income of $945,780 before any 179 immediate a. Determine the maximum deductions that Javier can claim with respect to this b. Complete Javier's Form 4562 (page ) for 2016. His Social Security number is expense election. asset in 2016 and 2017 123-45-6789