required: Determine the MACRS depreciation deductions for 2021 *and* 2022 for each of these assets. PROBLEM 5 In 2021, Company M purchased $552,000 of equipment that qualifies for the Section 179 election. It has taxable income before the Section 179 deduction of $675,000, and makes the election. required: (1) Determine the total amount of depreciation that Company M can deduct in 2021 related to this purchase. (2) Determine the amount, if any, of a Section 179 deduction carryforward. for (3) and (4), assume the company instead had $375,000 of taxable income before the Section 179 deduction. (3) Determine the total amount of depreciation that Company M can deduct in 2021 related to this purchase