Question
Assume that Timberline Corporation has 2019 taxable income of $252,000 for purposes of computing the 179 expense.It acquired the following assets in 2019: (UseMACRSTable 1,Table
Assume that Timberline Corporation has 2019 taxable income of $252,000 for purposes of computing the 179 expense.It acquired the following assets in 2019: (UseMACRSTable 1,Table 2,Table 3,Table 4andTable 5.)
Asset purchase date basis
Furniture (7-year). dec 1 $462000
Computer equipment (5-year) feb 28 102000
Copier (5-year) july 15 42000
Machinery (7-year) may 22 492000
total: 1,098,000
- a-1.What is the maximum amount of 179 expense Timberline may deduct for 2019?=....
- a-2.What is Timberline's 179 carryforward to 2020, if any?=....
What would Timberline's maximum depreciation deduction be for 2019 assuming no bonus depreciation?(depreciation deduction including 179 expense)=....
What would Timberline's maximum depreciation deduction be for 2019 if the machinery cost $3,120,000 instead of $492,000 and assuming no bonus depreciation?(depreciation deduction including 179 expense)=....
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