Riverside Corporation purchased and placed in service the following assets in 2021:

PIS Date 2/26/2021 6/12/2021 9/15/2021 11/16/2021

Asset Computers Office Furniture Gen. manufacturing equipment Manufacturing building

Cost $750,000 $570,000 $1,500,000 $6,000,000

Riverside Corporation purchased no other assets during 2021, and its net income for 2021 is $50,000,000 before considering cost recovery deductions.

1. What is the maximum depreciation deduction Riverside Corporation may take in 2021, assuming the company elects 179 expense and elects out of bonus depreciation? Please show your work and explain your calculations.
2. What is the depreciation deduction Riverside Corporation may take in 2022 (year 2) on the office furnitureasset? (NOTE: You do not need to calculate the depreciation deduction on the other assets placed in 2021, just the office furniture). Please show your work and explain your calculations.
3. What is Riverside Corporations adjusted basis in the office furniture at the end of 2022 (year 2)? (NOTE: You do not need to calculate adjusted basis on the other assets as of the end of 2022, just the office furniture). Please show your work and explain your calculations.
4. How would your answer to question 2(a) above change if Riverside Corporation does NOT elect out of bonus depreciation in 2021? That is, what is the maximum depreciation deduction Riverside Corporation may take in 2021 assuming that Riverside Corporation takes bonus depreciation on any qualifying assets? Please show your work and explain your calculations.