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Assume that Timberline Corporation has 2020 taxable income of $252,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use

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Assume that Timberline Corporation has 2020 taxable income of $252,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 462,000 102,000 42,000 492,000 $1,098,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct fc 2020? a-2. What is Timberline's $179 carryforward to 2021, if any? a-1. Maximum $179 expense Maximum $179 carryforward a-2

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