Part : Kaytlan purchased a new $2,950,000 seven-year class asset on September 15, 2020. The asset was placed in service for business October 1, 2020. Assume this was the only asset purchased in 2020. Kaytlan elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Kaytlan's taxable income for 2020 before the cost recovery on this asset was $630,000. Be sure to show all of your calculations for each numbered item!! You must complete the assignment on this worksheet! 1. What is the maximum amount of $ 179 that Kaytlan can elect in 2020? I' 2. What is the maximum of the Section 179 election that Kaytlan can deduct in 2020? What happens to any Section 179 not deducted in 2020, if any? 3. What is the amount of Kaytlan's depreciable basis (fixed, constant total we have left to depreciate after we have subtracted 179, the amount we will use each year to go to the MACRS tables)? 4. What is the amount of MACRS depreciation Kaytlan can take in 2020? 5. What is the total depreciation deduction, including Section 179, per form 4562 Line 22, for 2020? (See pare 2 for 16 and 17 and Part II)