Assume that Timberline Corporation has 2021 taxable income of $240,000 for purposes of computing the $179...
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Assume that Timberline Corporation has 2021 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2021: (Use MACRS Sing ..) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 450,000 90,000 30,000 480,000 $ 1,050,000 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2021? a-2. What is Timberline's §179 carryforward to 2022, if any? a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2022 Assume that Timberline Corporation has 2021 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2021: (Use MACRS Sing ..) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 450,000 90,000 30,000 480,000 $ 1,050,000 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2021? a-2. What is Timberline's §179 carryforward to 2022, if any? a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2022
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Particulars 1 Total Cost of Property 2 Threshold for 1... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Posted Date:
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