Mary purchased one asset during the year (five-year property) on November 10, 2015 at a cost of $300,000. She made the section 179 election. The income from the business before the section 179 deduction was $75,000. Determine the total deductions with respect to the asset for 2015. -Please show the work along with the explanation to get the answer.
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Mary purchased one asset during the year (five-year property) on November 10, 2015 at a cost of $300,000. She made the section 179 election.
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