Question
For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration
For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable income of the business for the year is $5,600 before consideration of any 179 deduction.
If an amount is zero, enter "0".
a.McKenzie's 179 expense deduction is ____for 2019. His 179 carryover to 2020 is _____.
b.How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment?
McKenzie's 179 expense deduction is $for 2019. His 179 carryover to 2020 is ___.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
