Please you use $2023$ Tax Form $4562$ to complete this!

Form $4562$ Assignment

Facts:

On June $5,2023,$ Justine Santaga $(123-45-6789)$ purchased and placed in service a new $7-$year class asset

costing $$600,000$ for use in his landscaping business which he operates as a single member LLC $($Santana

Landscaping LLC$).$ During $2023,$ his business generated a net income of $$825,000$ before any Section $179$

immediate expense election.

Rather than using bonus depreciation, Justine would like to use Section $179$ to expense $$250,000$ of the

landscaping asset and then use regular MACRS to cost recover the remaining cost. The maximum Section

$179$ limit in $2023$ was $$1,160,000$ and that is phased out dollar for dollar to the extent Section $179$

property placed in service exceeds $$2,890,000.$

In addition to the information above, Justine placed the following assets in service in $2022,$ and did not

elect any additional first year depreciation on the assets, they were all placed in service prior to the

fourth quarter in $2022$: