Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 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): (Use MACRS Table 1, Table 2 and Table 5.) Machinery Placed in Service September 12 February 10 Computer equipment Delivery truck August 21 Qualified real property (MACRS, 15 year, April 2 150% DB) Total Asset Answer is complete but not entirely correct. $ 1,080,000 $ 1,213,736 Return to question Basis $ 470,000 70,000 93,000 1,380,000 $ 2,013,000 a. What is the maximum amount of 179 expense ACW may deduct for 2022? b. What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum 179 expense for 2022 b. Maximum total deductible depreciation for 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started