Question: McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $212,000 in 2023 . The taxable income of the business for

McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $212,000 in 2023 . The taxable income of the business for the year is $5,600 before consideration of any 179 deduction. If an amount is zero, enter " 0 ". a. Calculate McKenzie's 179 expense deduction for 2023 and any carryover to 2024. 5 179 expense deduction for 2023: $ 5 179 carryover to 2024:$ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using 5179 expensing? Hint: See Concept Summary 8.3. Additional first-year depreciation for 2023: $ X MACRS cost recovery for 2023: $x Total cost recovery for 2023: $X

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