you can elect out of bonus depreciation for federal purposes. then it is likely that either by electing out for federal you elect out for OK or you can make a separate election. electing out the farm equipment would be depreciated over 5 years using the MACRS convention which is the same as double-declining balance.
the result would be the following % of the original cost basis would be expensed each year
1, 20%
2, 32%
3. 19.2%
4 and 5. 11.52%
6 5.76%
don't know OK or OH tax laws but if there is sufficient income from the farm rather than bonus depreciation section 179 depreciation could be available. section 179 is limited to business income before the 179 deduction
