In 2021, Firm L purchased machinery costing $21,300 and elected to expense the entire cost under Section 179.

In 2021, Firm L purchased machinery costing $21,300 and elected to expense the entire cost under Section 179. How much of the expense can Firm L deduct in each of the following cases?
Required:
a. How much of the expense can Firm L deduct if its taxable income before the deduction was $58,000.
b. How much of the expense can Firm L deduct if its taxable income before the deduction was $19,200.
c. How much of the expense can Firm L deduct if its net operating loss (NOL) before the deduction was $5,016.

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