QUESTIONS Dain's Diamond Bit Driling purchased the following assets this year. Assume its taxable income for the year was 563.000 before deducting any 5179 expense (assume no bonus depreciation) Asset Drill Bits (5 year) Drill Bits (5-year) Commercial Building Purchase Date January 25 July 25 April 22 Original Basis $90,000 95,000 220,000 What is the maximum amount of $179 expense Dain may deduct for the year QUESTIONS Assume that ACW Corporation has 2020 taxable income of 1.400.000 before the $179 expense, acquired the following assets during 2020 (assume no bonus depreciation) Asset Machinery Computer equipment Delivery truck Qualified leasehold improvements Total Placed in Service September 12 February 10 August 21 Basis $483 000 70.000 93.000 April 2 1.380,000 $2,026,000 What is the maximum amount of $179 expense ACW may deduct for 2020