Marriot, Inc. acquired the following assets in 2020 to use in its trade or business:

(1) A used truck contributed to the corporation by its sole shareholder on February 14 with a basis of $25,000, and the transaction was treated as a tax-free exchange between the corporation and its shareholder;

(2) Purchased from an unrelated party new mining equipment on September 3 with a basis of $217,000; and

(3) Purchased a new warehouse (nonresidential) and land on May 15 for $1,000,000, with $985,000 allocated as the basis for the warehouse and $15,000 allocated as the basis for the land.

The corporation uses the cash method of accounting and the tax year is a calendar year-end. Answer the following questions based on the above facts.

a. Which assets are eligible for the bonus depreciation deduction and which assets are not? Provide an explanation why for any asset that is not eligible for bonus depreciation?

b. After the application of any bonus depreciation, how much regular MACRS depreciation can the corporation claim on the warehouse and land for 2020?

c. What is the corporations adjusted basis in the warehouse and land after accounting for all depreciation claimed in 2020?