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On June 5 , 2 0 2 1 , Javier Sanchez purchased and placed in service a new 7 - year class asset costing $

On June 5,2021, Javier Sanchez purchased and placed in service a new 7-year class asset costing $560,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2021, his business generated a net income of $945,780 before any 179 immediate expense election. Rather than using bonus depreciation, Javier would like to use 179 to expense $200,000 of this asset and then use regular MACRS to cost recover the remaining cost.If required round your intermediate computations and final answers to the nearest dollar. Click here to access the depreciation table to use for this problem.a.Determine the cost recovery deductions (including first-year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2021 and 2022.Total cost recovery deduction in 2021: $251,444Total cost recovery deduction in 2022: $88,164b.Complete Javier's Form 4562(page 1) for 2021.Note: For 2021, the maximum 179 is $1,050,000 and the threshold amount is $2,620,000. If an amount is zero, enter "0". Enter amounts as positive numbers.2021AttachmentSequence No.179

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