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At the beginning of the year, Anna began a calendar-year business and placed in service...

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Accounting

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At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Assuming Anna does not elect $179 expensing and elects not to use bonus depreciation, , answer the following questions: a. What is Anna's year 1 cost recovery for each asset? b. What is Anna's year 2 cost recovery for each asset? Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). a) What is the maximum amount of $179 expense Dain's may deduct for the year? b) What is Dain's maximum depreciation deduction for the year (including $179 expense)? c) If the January drill bits' original basis was $2,875,000, what is the maximum amount of $179 expense Dain's may deduct for the year? d) If the January drill bits' original basis was $4,275,000, what is the maximum amount of $179 expense Dain's may deduct for the year

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