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Calculate mckenzie expense deduction

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McKenzie purchased qualifying equipment for his business that cost $212,000 in 2021. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction.

  1. Calculate McKenzie's § 179 expense deduction for 2021 and any carryover to 2022.
  2. 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: EM133246958

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