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Please complete PART B and show work McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $351,900 in 2023 .
Please complete PART B and show work
McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $351,900 in 2023 . The taxable income of the business for the year is $121,700 before consideration of any 179 deduction. If an amount is zero, enter " 0 ". a. Calculate McKenzie's 179 expense deduction for 2023 and any carryover to 2024. 179 expense deduction for 2023: \$ 179 carryover to 2024:$ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using 179 expensing? Hint: See Concept Summary 8.3. Additional first-year depreciation for 2023: \$ MACRS cost recovery for 2023: $ Total cost recovery for 2023: $Step by Step Solution
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