Modified Accelerated Cost Recovery System (MACRS), Election to Expense (LO 8.2, 8.3) Tom has a successtul business with $100,000 of taxable income before the election to expense in 2021. He purchases one new asset in 2021 , a new machine whic 7-year MACRS property and costs $25,000 You are Tom's tax advisor. Complete the memorandum regarding the options you would advise for Tom and the treatment of this machine for tax purposes in 2021 Click here to access the depreciation table. If required, round your final answers to the nearest dollar. TABLE 8.2 ACCELERATED DEPRECIATION FOR PERSONAL PROPERTY ASSUMING HALF-YEAR CONVENTION (FOR PROPERTV PI ACED IN CEDVICW AEMEO