Question: I need help with the red x's Return 2 Required information The following information applies to the questions displayed below] Part 2 of 5 Karane

I need help with the red x's
Return 2 Required information The following information applies to the questions displayed below] Part 2 of 5 Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: 10 points Date Placed in Cost Service Asset $ 150,000 1,560,000 40,000 Office furniture 02/03/2018 Machinery Used delivery truck* 07/22/2018 08/17/2018 Not considered a luxury automobile. During 2018, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2019 to increase its production capacity. These are the assets acquired during 2019: Date Placed in Service 03/31/2019 Cost Asset Computers & info. system Luxury autot Assembly equipment Storage building $ 400,000 e, 1,200,000 700,000 05/26/2019 08/15/2019 11/13/2019 tUsed 100% for business purposes. Karane generated taxable income in 2019 of $1,732,500 for purposes of computing the $179 expense. (Use MACR Table 1. Table 2. Table 3. Table 4. Table 5, and Exhibit 10-10.) Assume the 2018 $179 limits are the same as those in 2019. (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) b. Compute the maximum 2019 depreciation deductions, including $179 expense (ignoring bonus depreciation). Answer is complete but not entirely correct. Current MACRS Depreciation Total MACRS Basis Sec. 179 Description Cost Depreciation Deduction Expense 2018 Assets Office furniture Machinery Used delivery truck $ 150,000 S 0S 150,000 36,735 36,735 560,000 137,144 0 1,560,000 137,144 40,000 40,000 12,800 12,800 2019 Assets Computers & Info. System Luxury Auto Assembly Equipment Storage Building 400,000 400,000 0 80,000 80,000 0 80,000 0 X 10,000 80,000 10,000 0X 0 x 1,200,000 0 2,247 700,000 700,000 2.247 $ 4,130,000 0 $ 1,930,000 Totals S 278,926 0 Return 2 Required information The following information applies to the questions displayed below] Part 2 of 5 Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2018. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2018: 10 points Date Placed in Cost Service Asset $ 150,000 1,560,000 40,000 Office furniture 02/03/2018 Machinery Used delivery truck* 07/22/2018 08/17/2018 Not considered a luxury automobile. During 2018, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2019 to increase its production capacity. These are the assets acquired during 2019: Date Placed in Service 03/31/2019 Cost Asset Computers & info. system Luxury autot Assembly equipment Storage building $ 400,000 e, 1,200,000 700,000 05/26/2019 08/15/2019 11/13/2019 tUsed 100% for business purposes. Karane generated taxable income in 2019 of $1,732,500 for purposes of computing the $179 expense. (Use MACR Table 1. Table 2. Table 3. Table 4. Table 5, and Exhibit 10-10.) Assume the 2018 $179 limits are the same as those in 2019. (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) b. Compute the maximum 2019 depreciation deductions, including $179 expense (ignoring bonus depreciation). Answer is complete but not entirely correct. Current MACRS Depreciation Total MACRS Basis Sec. 179 Description Cost Depreciation Deduction Expense 2018 Assets Office furniture Machinery Used delivery truck $ 150,000 S 0S 150,000 36,735 36,735 560,000 137,144 0 1,560,000 137,144 40,000 40,000 12,800 12,800 2019 Assets Computers & Info. System Luxury Auto Assembly Equipment Storage Building 400,000 400,000 0 80,000 80,000 0 80,000 0 X 10,000 80,000 10,000 0X 0 x 1,200,000 0 2,247 700,000 700,000 2.247 $ 4,130,000 0 $ 1,930,000 Totals S 278,926 0
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