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please show work 2. (11 POINTS) Joey, a calendar-year taxpayer, acquires 5-year tangible personal property in 2020 and places the property in service on the

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2. (11 POINTS) Joey, a calendar-year taxpayer, acquires 5-year tangible personal property in 2020 and places the property in service on the following schedule: 2020 Date placed in service January 15 May 25 November 8 Acquisition Cost $ 7,000 $10,000 $33,000 Joey elects to immediately expense $24,000 under Section 179, and selects the property placed into service on November 8 to do so. Assume there are no taxable income limitations on how much Section 179 expense he can take and bonus depreciation was not elected for use. a) What is Joey's total depreciation deduction for all assets for 2020 given the above information? b) What is Joey's total depreciation deduction for all assets if he elects to not immediately expense anything under Section 179 for 2020

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