undefined

Requirea information 10 Problem 10-58 (LO 10-2, LO 10-3) (Static) (The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Part 1 of 3 10 points Purchase Date December 1 February 28 Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Basis $ 450,000 90,000 30,000 480,000 $1,050,000 July 15 May 22 eBook Hint Print Problem 10-58 Part a (Static) References Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2020? a-2. What is Timberline's $179 carryforward to 2021, if any? a-1 240,000 Maximum $179 expense Maximum $179 carryforward $ $ a-2 740,000 V 11 Problem 10-58 (LO 10-2, LO 10-3) (Static) (The following information applies to the questions displayed below. Part 2 of 3 Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) 10 points 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 eBook 8 Hint Print Problem 10-58 Part b (Static) n References b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation? Maximum Depreciation Deduction (including $179 expense) $ 348,311 Requirea information 10 Problem 10-58 (LO 10-2, LO 10-3) (Static) (The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Part 1 of 3 10 points Purchase Date December 1 February 28 Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Basis $ 450,000 90,000 30,000 480,000 $1,050,000 July 15 May 22 eBook Hint Print Problem 10-58 Part a (Static) References Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2020? a-2. What is Timberline's $179 carryforward to 2021, if any? a-1 240,000 Maximum $179 expense Maximum $179 carryforward $ $ a-2 740,000 V 11 Problem 10-58 (LO 10-2, LO 10-3) (Static) (The following information applies to the questions displayed below. Part 2 of 3 Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) 10 points 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 eBook 8 Hint Print Problem 10-58 Part b (Static) n References b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation? Maximum Depreciation Deduction (including $179 expense) $ 348,311