Assume Timberline Corporation's 2017 taxable income of $240,000 for purposes of computing the 179 expense. It acquired
Question:
Assume Timberline Corporation's 2017 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2017:
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a) What is the maximum amount of §179 expense Timberline may deduct for 2017? What is Timberline's §179 carry forward to 2018, if any?
b) What would Timberline's maximum depreciation expense be for 2017 assuming no bonus depreciation?
c) What would Timberline's maximum depreciation expense be for 2017 if the furniture cost $2,000,000 instead of $350,000 and assuming no bonus depreciation?
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a The maximum section 179 expense would be 240000 and the carryforward to 2018 would be 270000 Description Amount Explanation 1 Property placed in ser...View the full answer
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Related Book For 
Essentials Of Federal Taxation 2018
ISBN: 9781260007640
9th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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