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McKenzie purchased qualifying equipment for his business that cost $362,500 in 2019. The taxable income of the business for the year is $92,800 before consideration
McKenzie purchased qualifying equipment for his business that cost $362,500 in 2019. The taxable income of the business for the year is $92,800 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's 179 expense deduction for 2019 and any carryover to 2020. 179 expense deduction for 2019: $ 179 carryover to 2020: $ 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 8.5. 179 expense deduction for 2019: $ 179 carryover to 2020: $
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