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Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $652,000 for purposes of computing the 179 expense. The company acquired the following assets during
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $652,000 for purposes of computing the 179 expense. The company acquired the following assets during 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Machinery | September 12 | $ | 2,270,250 |
Computer equipment | February 10 | 263,325 | |
Furniture | April 2 | 880,425 | |
Total | $ | 3,414,000 |
b. What is the maximum total depreciation, including 179 expense, that TDW may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Required information [The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $652,000 for purposes of computing the $179 expense. The company acquired the following assets during 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service Basis September 12 $2,270,250 February 10 263,325 April 2 880,425 $3,414,000 b. What is the maximum total depreciation, including $179 expense, that TDW may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction (including $179 expense) This is a numeric cell, so please enter numbers onlyStep by Step Solution
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