Question: During the year 2 0 2 4 , a calendar - year taxpayer, Marvelous Munchies, a chain of specialty food shops, purchased assets as follows:

During the year 2024, a calendar-year taxpayer, Marvelous Munchies, a chain of specialty food shops, purchased assets as follows:
Date Asset____ Cost___
March 37 Year Property$600,000
October 97 Year Property $2,200,000
Total $2,800,000
For 2024, Marvelous Munchies has taxable income equal to $850,000 unless you are told differently in a question below. Each scenario below is independent of the others unless you are told otherwise in the question.
a. What is the maximum depreciation that may be deducted for the assets this year, 2024, assuming Sec. 179 expensing and bonus depreciation are not claimed?
$_____________________________
b. What is the maximum Sec. 179 deduction allowed for 2024 assuming that Sec. 179 is elected for the October 9 property only?
$______________________________
c. If the taxpayer makes the election for the October 9th equipment described in b. above for the maximum allowable amount, then how much Sec. 179 carryover will pass to the next tax year?
$______________________________
d. What is the maximum depreciation that may be deducted for the assets this year, 2024, assuming: (1) both Sec. 179 expensing and bonus depreciation are claimed (2) they are claimed on the October 9th property first; and (3) Sec. 179 is only claimed for the amount that will be allowable this year with no carryover?
$_______________________________

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