Assume that Timberline Corporation has 2023 taxable income of $248,000 for purposes of computing the §179 expense.It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)AssetFurniture (7-year)Computer equipment (5-year)Copier (5-year)Machinery (7-year)TotalProblem 10-58 Part a (Algo)Purchase DateDecember 1February 28a-1. Maximum §179 expensea-2. Maximum §179 carryforward to 2023July 15May 22Required:a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023?a-2. What is Timberline's §179 carryforward to 2024, if any?$ 1,050,000$Basis$ 526,00098,00038,000588,000$ 1,250,0000

Timberline Corporation has 2023 taxable income of $248,000 and acquired several assets in 2023. We…

Answered: Required: a-1. What is the maximum…

Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 75P

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Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the $179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): Asset Placed in Service Basis Machinery September 12 $470,000 Computer equipment February 10 $ 70,000 Delivery truck August 21 $ 93,000 Qualified real property April 2 $ 1,380,000 (MACRS, 15 year, 150% DB) Total $2,013,000 Question: What is the maximum amount of §179 expense ACW may deduct for 2022? Answer: Question: What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
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