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Assume that Fields Consulting has 2023 taxable income of $5,000,000 before the 179 expense and acquired the following assets during 2023: Asset Placed in Service
- Assume that Fields Consulting has 2023 taxable income of $5,000,000 before the 179 expense and acquired the following assets during 2023:
| Asset | Placed in Service | Basis | |||
|
Machinery (7) | February 10 | $850,000 | |||
| Computer Equip (5) | October 12 | $575,000 | |||
| Delivery Truck (5) | August 21 | $708,000 | |||
| Furniture (7) | April 2 | $795,000 | |||
| Total | $2,928,000 | ||||
- What is the maximum amount of 179 expense Fields may deduct for 2023?
- What is the maximum total deductions, MACRS and 179 combined, that Fields may deduct in 2023 on the assets?
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Total Quality Auditing
Authors: Amanda Jo Erven
1st Edition
1733784306, 978-1733784306
