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Problem 1: In July 2020, Nicole purchased a piece of machinery to be used entirely for business. She spent a total of $1,475,000. She is taking the maximum limited expensing election on the machinery. What is the depreciable basis for the machinery going forward?
Group of answer choices
Option 1: $1,475,000
Option 2: $1,040,000
Option 3: $435,000
Option 4: $0
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