On March 1, 2013, Harry Corporation (a calendar year taxpayer) purchased and placed in service office furniture costing $550,000 Compute the maximum amount Harry Corporation could elect to expense under Section 179 and claim as bonus depreciation for this furniture in 2013 if a this is new furnitur...

a 500000 Section 179 expensing and 25000 550000 500000 50 bonus depreciation b 500000 Section 179 ex ...

On March 1, 2013, Harry Corporation (a calendar-year taxpayer) purchased and placed in service office furniture costing

Question:

On March 1, 2013, Harry (a calendar-year taxpayer) purchased and placed in service office furniture costing $550,000. Compute the maximum amount Harry could elect to expense under Section 179 and claim as bonus depreciation for this furniture in 2013 if
a. this is new furniture and it is the only asset placed in service this year by Harry in addition to the $550,000 of new office furniture, Harry also acquired and placed in service $980,000 of new factory equipment during the year.
c. this is used furniture and in addition to this $550,000 of used office furniture, Harry also acquired and placed in service $1,850,000 of new factory equipment during the year.
d. What is Harry Corporation's total depreciation expense deduction for 2013 for each of the above scenarios? Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...