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Check my work Required Information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Placed in Asset Service Tani Machinery September 12 $1,530,000 Computer equipment February 10 485,000 office building April 2 600,000 Total $2,615,000 b. What is the maximum total depreciation, including 5179 expense, thot AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation (including $170 expense) Check my work Required information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $260,000 for purposes of computing the 5179 expense. It acquired the following assets in 2020: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Purchase Annet Date Banis Furniture (7-year) December 1 $ 470,000 Computer equipment (5-year) February 28 110,000 Copier (5-year) July 15 50,000 Machinery (7-year) May 22 500,000 Total $1,130,000 Required: 2-1. What is the maximum amount of 5179 expense Timberline may deduct for 2020? a-2. What is Timberline's 5179 carryforward to 2021, if any? 3-1. Maximum 5179 expense Mascimum 5179 carryforward 3-2 Required Information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $260.000 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 $ 470,000 110,000 50,000 500,000 $1,130,000 b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum Depreciation Deduction (including 5179 expense) Required information (The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $260,000 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.) Purchase Asset Date Basis Furniture (7-year) December 1 $ 470,000 Computer equipment (5-year) February 28 110,000 Copier (5-year) July 15 50,000 Machinery (7-year) May 22 500,000 Total $1,130,000 c. What would Timberline's maximum depreciation deduction be for 2020 if the machinery cost $3,700,000 instead of $500,000 and assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum Depreciation deduction (including 5179 expense)
