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McKenzie purchased qualifying equipment for his business that cost $288,300 in 2020. The taxable income of the business for the year is $40,100 before consideration
McKenzie purchased qualifying equipment for his business that cost $288,300 in 2020. The taxable income of the business for the year is $40,100 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's 179 expense deduction for 2020 and any carryover to 2021. $ 179 expense deduction for 2020: $ S 179 carryover to 2021: $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using $ 179 expensing? Hint: See Concept Summary 8.4. $ 179 expense deduction for 2020: $ $ 179 carryover to 2021: $
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