When computing tax depreciation in the first year for new equipment that has a recovery period of less than 20 years, you ... must take 50% bonus depreciation unless you elect not to do so. cannot take 50% bonus depreciation unless you elect to do so. can or cannot take 50% bonus depreciation as you wish; no election is required. must take 50% bonus depreciation unless you elect not to do so, but must wait to take normal Table 1 depreciation until Year 2