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White Company acquires a new machine (seven-year property) on January 10, 2022, at a cost of $600,000. White makes the election to expense the maximum
White Company acquires a new machine (seven-year property) on January 10, 2022, at a cost of $600,000. White makes the election to expense the maximum amount under 179. No election is made to use the straight-line method. White does take additional first-year depreciation. Determine the deductions of 179 and additional first-year depreciation that White can take related to the machine for 2022 assuming White has taxable income of $500,000.
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