1. On December 31 of the current year, Anderson Company purchased and placed into service a machine to be used in its manufacturing operations.The machine costs $210,000 and qualifies as 7-year MACRS personal property under the half-year convention.Anderson elects to expense $70,000 in the current year under Sec. 179.What is the total maximum expense deduction for this machine for the current year?
2. Wilda, a calendar-year taxpayer, bought an apartment building on July 28 of the current year and immediately placed it into service.The total cost was $300,000, of which $60,000 was deemed to be the value of the land.What is the amount of MACRS depreciation that Wilda may claim on this property for the current year?