please explain your answers thank you

Part I: Mary Smith purchased a new $3,150,000 five-year class asset on September 15, 2022. The asset was placed in service for business October 10, 2022. Assume this was the only asset purchased in 2022. Mary elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Mary's taxable income for 2022 before the cost recovery on this asset was $600,000. 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 Mary can elect in 2022? 2. What is the maximum of the Section 179 election that Mary can deduct in 2022? What happens to any Section 179 not deducted in 2022 , if any? 3. What is the amount of Mary'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 Mary can take in 2022? 5. What is the total depreciation deduction, including Section 179, per Form 4562 Line 22, for 2022? (See page 2 for #6 and #7 and Part ili). 6. Mary sold the asset August 30, 2023 (during year 2). Selling price was $2,500,000. a. What is the amount of regular (statutory) depreciation Mary can take in 2023 (year 2)? b. What is Mary's adjusted basis after the 2023 (year 2) cost recovery? c. What is Mary's taxable gain or loss? 7. Revised scenario: Same asset acquisition date, same amount, but this time Mary asks you to compute the maximum depreciation she can take without electing Section 179 at all, i.e. how can she deduct the most depreciation without using Section 179. Hint - not MACRS! a. Show the calculation required to achieve the highest-possible depreciation deduction for 2022 without using Section 179. Label each calculation and describe the depreciation method used. b. Show the calculation of 2023 (year 2) depreciation assuming same sale scenario given in #6. c. Show the calculation of adjusted basis at sale date after calculation in 7b. d. Show the calculation of Mary's gain or loss, again, using the same sale proceeds given in #6. Part II: Complete Mary's 2022 Form 4562 using the information in #1-5 above, Scenario 1 in Part 1 . There are sample form 4562 s included in your Chapter 8 lecture notes in Blackboard from Examples 18,20 and 26 and also from homework 40 (which you can see after the homework deadline is past) so you can see how the form should look. There is also a sample form 4562 in Chapter 8 on page 826 as part of Example 40 . Part I: Mary Smith purchased a new $3,150,000 five-year class asset on September 15, 2022. The asset was placed in service for business October 10, 2022. Assume this was the only asset purchased in 2022. Mary elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first-year (bonus) depreciation. Mary's taxable income for 2022 before the cost recovery on this asset was $600,000. 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 Mary can elect in 2022? 2. What is the maximum of the Section 179 election that Mary can deduct in 2022? What happens to any Section 179 not deducted in 2022 , if any? 3. What is the amount of Mary'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 Mary can take in 2022? 5. What is the total depreciation deduction, including Section 179, per Form 4562 Line 22, for 2022? (See page 2 for #6 and #7 and Part ili). 6. Mary sold the asset August 30, 2023 (during year 2). Selling price was $2,500,000. a. What is the amount of regular (statutory) depreciation Mary can take in 2023 (year 2)? b. What is Mary's adjusted basis after the 2023 (year 2) cost recovery? c. What is Mary's taxable gain or loss? 7. Revised scenario: Same asset acquisition date, same amount, but this time Mary asks you to compute the maximum depreciation she can take without electing Section 179 at all, i.e. how can she deduct the most depreciation without using Section 179. Hint - not MACRS! a. Show the calculation required to achieve the highest-possible depreciation deduction for 2022 without using Section 179. Label each calculation and describe the depreciation method used. b. Show the calculation of 2023 (year 2) depreciation assuming same sale scenario given in #6. c. Show the calculation of adjusted basis at sale date after calculation in 7b. d. Show the calculation of Mary's gain or loss, again, using the same sale proceeds given in #6. Part II: Complete Mary's 2022 Form 4562 using the information in #1-5 above, Scenario 1 in Part 1 . There are sample form 4562 s included in your Chapter 8 lecture notes in Blackboard from Examples 18,20 and 26 and also from homework 40 (which you can see after the homework deadline is past) so you can see how the form should look. There is also a sample form 4562 in Chapter 8 on page 826 as part of Example 40