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Olga is the proprietor of a small business. In 2019, the business's income, before consideration of any cost recovery or G 179 deduction, is $250,000
Olga is the proprietor of a small business. In 2019, the business's income, before consideration of any cost recovery or G 179 deduction, is $250,000 Olga spends $620,000 on new 7-year class assets and elects to take the $ 179 deduction on them. She does not claim any available additional first-year depreciation. Olga's cost recovery deduction for 2019, except for the cost recovery with respect to the new 7-year assets, is $95,000. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. What is the tentative amount of Olga's overall 5 179 deduction for the seven-year class assets before any income limitation? b. What is the total amount of Olga's 5 179 deduction for the seven-year class assets after any income limitation? c. What is Olga's total cost recovery depreciation deduction (including any $ 179 deduction)? d. What is the amount of any $ 179 carryforward
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