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Margo, a calendar year taxpayer, paid $580,000 for new machinery (seven-year recovery property) placed in...

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Accounting

Margo, a calendar year taxpayer, paid $580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2017. Use Table 7-2. Assuming that the machinery was the only tangible property placed in service during the year, compute Margos maximum cost recovery deduction. How would your answer to part a change if the machinery was purchased in 2018 instead of 2017? COnsider section179, bonus and MACRS depreciation.

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