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Calculate McKenzie expense deduction

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Reference no: EM132657159

Problem - McKenzie purchased qualifying equipment for his business that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction.

Required -

a. Calculate McKenzie's § 179 expense deduction for 2019 and any carryover to 2020.

b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using § 179 expensing?

Reference no: EM132657159

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