Question: My answer was wrong, could you please help me? Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased
My answer was wrong, could you please help me?
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Original Basis 109,0ee 121,500 263,000 Asset Date Jan-24 Drill bits (s-year) Drill bits (s-year) Commercial building Aug-07 Jun-17 Assume its taxable income for the year was $54,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) a. What is the maximum amount of $179 expense Dain may deduct for the year? 5179 expense- $ 54,000 Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Original Basis 109,0ee 121,500 263,000 Asset Date Jan-24 Drill bits (s-year) Drill bits (s-year) Commercial building Aug-07 Jun-17 Assume its taxable income for the year was $54,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) a. What is the maximum amount of $179 expense Dain may deduct for the year? 5179 expense- $ 54,000
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