TABLE 7.2 MACRS for Business Personalty (Half-Year Convention) Year 3-Year 5-Year 15-Year 20-Year 5.00% 33.33% 44.45 14.81 7.41 20.00% 32.00 19.20 11.52 11.52 5.76 9.50 8.55 7.70 Recovery Period 7-Year 10-Year Depreciation Rate 14.29% 10.00% 24.49 18.00 17.49 14.40 12.49 11.52 9.22 8.92 7.37 6.55 4.46 6.55 6.56 6.55 3.28 8.93 6.93 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 8.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 3.750% 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 Loni Company paid $1,057,000 for tangible personalty in 2020 and elected to expense $1,040,000 of the cost (the limited dollar amount for 2020). Loni's taxable income before a Section 179 deduction was $894,100. Loni paid $23,700 for tangible personalty in 2021 and elected to expense the entire cost. Loni's taxable income before a Section 179 deduction was $228,000. Use Table 7-2. Required: a. Compute Loni's Section 179 deduction and taxable income for 2020. b. Compute Loni's Section 179 deduction and taxable income for 2021. Complete this question by entering your answers in the tabs below. Required A Required B Compute Loni's Section 179 deduction and taxable income for 2021. Amount Deduction Taxable income