only asset purchased in 2023. Michael elected to take the maximum Section 179 expense deduction allowed but elected NOT to take additional first- year (bonus) depreciation. Michael's taxable income for 2023 before the cost recovery on this asset was $700,000. Be sure to show all of your calculations for each numbered item!! You must complete the assignment on this worksheet! 1. What is the maximum amount of § 179 that Michael can ELECT (not deduct) in 2023?
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