In March 2014, Frank, a calendar-year taxpayer, purchased new 7-year property for $800,000. The property was immediately placed into service (and is still being used exclusively in Frank's extremely profitable business). No other personal property was purchased by Frank in 2014. Compute the largest tax deduction possible in 2014 for the equipment (Consider the Section 179 election, Bonus
Depreciation, and MACRS, if applicable. Also, consider the Tax Increase Prevention Act we discussed in Chat):
a. $800,000
b. $671,435
c. $500,000
d. $0