Question
Green Lantern, Inc. purchased the following assets in 2021: Warehouse Building $700,000 Office Equipment $697,500 Machinery $1,102,500 Computer Network $400,000 What is Green Lanterns maximum
Green Lantern, Inc. purchased the following assets in 2021:
| Warehouse Building |
| $700,000 |
| Office Equipment |
| $697,500 |
| Machinery |
| $1,102,500 |
| Computer Network |
| $400,000 |
- What is Green Lanterns maximum section 179 deduction for 2021?
- If Green Lantern had business income, prior to depreciation, of $750,000, would that change your answer from part A?
Spiderman, Inc. purchased the following assets in 2021:
| Computer System |
| $700,000 |
| Factory Machines |
| $697,500 |
| Office Furniture |
| $1,102,500 |
| Delivery trucks (more than 6,000 lbs) |
| $400,000 |
- What is Spidermans maximum section 179 deduction for 2021?
- What is the total MACRS and Section 179 deductions for 2021, assuming no bonus depreciation?
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Survey of Accounting
Authors: Carl S Warren
5th Edition
9780538489737, 538749091, 538489731, 978-0538749091
