Asset Cost Date Placed in Service

Office furniture $ $350,00002/03/2022$

Machinery $1,760,00007/22/2022$

Used delivery truck$*$Note: $80,00008/17/2022$

$*$Note:Not considered a luxury automobile.

During $2022,$ Karane was very successful $($and had no $179$ limitations$)$ and decided to acquire more assets in $2023$ to increase its production capacity. These are the assets acquired during $2023$:of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during $2022$ :

$*$Not considered a luxury automobile.

During $2022,$ Karane was very successful $($and had no $179$ limitations$)$ and decided to acquire more assets in $2023$ to

increase its production capacity. These are the assets acquired during $2023$ :

$*$Used $100\%$ for business purposes.

Karane generated taxable income in $2023$ of $$1,782,500$ for purposes of computing the $$179$ expense limitation$.($Use

MACRS Table $1,$ Table $2,$ Table $3,$ Table $4,$ Table $5,$ and Exhibit $10-10.)$

Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.

Required:

c$.$ Compute the maximum $2023$ depreciation deductions, including $179$ expense, but now assume that Karane would like to take

bonus depreciation.

Note: Round your final answers to nearest whole dollar.

Answer is complete but not entirely correct.

Asset Cost Date Placed in Service

Computers and information system $ $440,00003/31/2023$

Luxury auto$*$Note: $90,00005/26/2023$

Assembly equipment $1,400,00008/15/2023$

Storage building $900,00011/13/2023$

$*$Note:Used $100\%$ for business purposes.

Karane generated taxable income in $2023$ of $$1,782,500$ for purposes of computing the $179$ expense limitation$.($Use MACRS Table $1,$ Table $2,$ Table $3,$ Table $4,$ Table $5,$ and Exhibit $10-10.)$

Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.

Required:

c$.$ Compute the maximum $2023$ depreciation deductions, including $179$ expense, but now assume that Karane would like to take bonus depreciation.

Note: Round your final answers to nearest whole dollar.