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In 2007, Tiger Corporation, a calendar-year taxpayer, purchases and places into service machinery with a 7-year life that cost $268,000. The mid-quarter convention does not apply. Tiger elects to depreciate the maximum under Sec. 179. Tiger's taxable income for the year before the Sec. 179 deduction is $150,000. What is Tiger's total depreciation deductions related to this property?
a. $38,297
b. $112,000
c. $134,292
d. $150,297
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The trial balance of Ogilvy's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000.
Under the economic unit concept, what amount should have been assigned to the non-controlling interest immediately after the combination? Show all of your work. Showing only the answer will result in zero points.
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