John Smits is married. He and his wife make separate

John Smits is married. He and his wife make separate contributions. In this taxable year, John Smits purchased a farm machine for $ 2,000,000 and put it into service. His wife runs her own business and purchased and commissioned a qualified business equipment worth $ 30,000. The “combined dollar limit” is $ 470,000.

As determined by the IRS in its publications 534 and 946, determine the following for each case:

– the amount of depreciation allowed for this taxable year if section 179 is not considered.

– the amount of depreciation allowed for this taxable year if section 179 is considered.