Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the 179 expense

Question:

Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation.

a) What is the maximum amount of §179 expense Sivart may deduct for 2022?
b) What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2022 on the assets it placed in service in 2022?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

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

See More Books

Question Posted: Nov 15, 2022 01:43 AM

See More Questions

Assume that Sivart Corporation has 2015 taxable income of $750,000 before the §179 expense and acquired the following assets during 2015: a) What is the maximum amount of §179 expense...
Assume that Sivart Corporation has 2018 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. The delivery truck was acquired in a...
Assume that Sivart Corporation has 2020 taxable income of $1,750,000 for purposes of computing the 179 expense and acquired several assets during the year. Assume the delivery truck does not qualify...
In 2013, Natural Selection, a nationwide computer dating service, had $500 million of assets and $200 million of liabilities. Earnings be-fore interest and taxes was $120 million, interest expense...
Consider the data in Exercise 7.52. Suppose we wish to define a new inspection unit of four tape decks. (a) What are the center line and control limits for a control chart for monitoring future...
Sketch the graph of the set. {(x, y) | x 2 + y 2 < 1}
After the positrons were annihilated, the energy density of the universe was dominated by the photons and the neutrinos. Show that the energy density in that era was given by \(u_{\text {total...
Nayak Company has recorded the following items in its financial records. Cash in bank ............ $ 41,000 Cash in plant expansion fund ...... 100,000 Cash on hand ............ 8,000 Highly liquid...
A function and its graph are given. Find the domain. (Enter your answer using interval notation.) f(x) x-5 = X-8 (-0,8) U (8,00) y 10 K 5 -5 -10 X 2 4 8 10 12
Emily Morrison purchased a new house for $150,000. She paid $30,000 up front and agreed to pay the rest over the next 25 years in 25 equal annual payments that include principal payments plus 10...
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below...
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions (179, bonus, or MACRS) and placed some office furniture into service during the...
Why is EBIT generally considered to be independent of financial leverage? Why might EBIT actually be influenced by financial leverage at high debt levels?
?What is bagging in the context of random forests Boosting the performance of individual trees Combining predictions from multiple trees Reducing the number of features .CO Pruning the branches of...
is a branch of computer science that focuses on creating computer systems or computer-controlled machines that have an ability to perform tasks usually associated with human intelligence. Natural...
2) Al systems that help people discover things they may like but are unlikely to discover on their own are known as recommendation engines. crowdsourcing systems. intelligent personal assistants....
Which of these is a super class of all errors and exceptions in the Java language? O a . . None of the above O b . . Catchable O c . . RunTimeExceptions O d . . Throwable
In what order does Prim's algorithm add edges to the MST? Whenever there is a choice of nodes, choose the one that comes alphabetically first. Whenever there is a choice of edges, choose the one with...
The directors of Murphy Ltd provide you with the following financial information for the period ended 31 December 2013: selling expenses $58 500; interest expense $22500;legal fees $3750,...
Determine the optimal use of Applichem's plant capacity using the Solver in Excel.
You have been assigned to compute the income tax provision for Motown Memories, Inc. (MM) as of December 31, 2017. The Companys federal income tax rate is 34%. The Companys Income Statement for 2017...
Carrie DLake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2017,DLake, Green, and Divot form the...
Marla had $2,100 in state income taxes withheld from her 2017 salary. When she files her 2017 state income tax return, her actual state tax liability is $2,300.
How financial resources are thoughtfully allocated to avoid wastage and overlaps? Explain briefly
You have decided that your company has outgrown the warehouse described in the previous problem. You have received an offer from someone willing to purchase the warehouse for $1,200,000. If you...
Review the Management and Analysis section of your SEC 10-K report. Provide an overview of the corporation's operations. Locate, discuss, and summarize the corporation's four primary financial...

Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the 179 expense

Question:

Asset Machinery Computer equipment Delivery truck-used Furniture Total Placed in Service June 12 February 10 August 21 April 2 Basis $1,440,000 70,000 93,000 310,000 $1,913,000

Step by Step Answer:

a The maximum 179 expense is 1080000 Description Amount Explanation 1 Property placed in service dur...View the full answer

Taxation Of Individuals And Business Entities 2023 Edition

Students also viewed these Business questions