McKenzie purchased qualifying equipment for his business that cost $298,900 in 2018. The taxable income...
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Accounting
McKenzie purchased qualifying equipment for his business that cost $298,900 in 2018. The taxable income of the business for the year is $79,200 before consideration of any 179 deduction.
a. McKenzie's 179 expense deduction is $_______ for 2018. His 179 carryover to 2019 is $._______?
b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment? Hint: See Concept Summary 8.5. McKenzie's 179 expense deduction is $_________ for 2018. His 179 carryover to 2019 is $_______?
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