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QUESTIONS Assume that Timbertine Corporation has 2021 taxable income of $235,000 before the 5179 expense. Purchase Date December 1 Basis $350,000 Asset Furniture (7year) Computer Equipment (5 year) Copier 15 year) Machinery (year) Total February 28 July 15 May 22 90.000 30,000 480.000 $950,000 What is the maximum amount of 9179 expense Timberline may deduct for 20217 QUESTION La Chance Mine (LC) purchased a coldpost for 5720.000 stated it would extract 12,000 tons of coal from the deposit LC mined the coal and sold reporting Gross receipt of $1 million for you t During your 1. LC reported net income from the cost deposit activity in the amount of $10,000 in year 1, LC actually extracted 3,000 tons of cool. What is Last Chance's cost depletion for years 1