Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has...
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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2019 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total a-1. a-2. Purchase Date December 1 February 28 §179 expense §179 carryforward July 15. May 22 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline's §179 carryforward to 2020, if any? Basis 450,000 90,000 30,000 480,000 $1,050,000 $ 240,000 $ c. What would Timberline's maximum depreciation deduction be for 2019 if the machinery cost $3,000,000 instead of $480,000 and assuming no bonus depreciation? Depreciation deduction (including §179 expense) Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2019 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total a-1. a-2. Purchase Date December 1 February 28 §179 expense §179 carryforward July 15. May 22 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline's §179 carryforward to 2020, if any? Basis 450,000 90,000 30,000 480,000 $1,050,000 $ 240,000 $ c. What would Timberline's maximum depreciation deduction be for 2019 if the machinery cost $3,000,000 instead of $480,000 and assuming no bonus depreciation? Depreciation deduction (including §179 expense)
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Solution a1 240000 a2 Timberlines 179 carryforward to 2020 will be 760000 c Sectio... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Posted Date:
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