Blue Company acquires a new machine (seven-year property) on April 16, 2021, at a cost of $430,000. Bluemakes the election to expense the maximum amount under 5 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Blue's taxable income beforethe depreciation deduction is $580,000. Determine Blue's cost recovery deduction for 2021.$430,000$0$61,447O $86,000O $76,755

Depreciation in the case of a new machine in the first year is the company is eligible for charging…

Answered: No election is made s $580,000. Deters

Business

Accounting

No election is made s $580,000. Deters

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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