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Required information (The following information applies to the questions displayed below.) Dain's Diamond Bit Drilling...

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Required information (The following information applies to the questions displayed below.) Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 90,000 95,000 220,000 Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) 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? $179 expense

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