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I need step by step so that I know how to solve this. Thanks! Required information [The following information applies to the questions displayed below.]
I need step by step so that I know how to solve this. Thanks!
Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions ( $179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3 , Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest whole dollar amount. If Woolard elects the maximum amount of 179 for the year, what is the amount of deductible $179 expense for the year? What is the ta/ depreciation that Woolard may deduct in 2022? What is Woolard's 179 carryforward amount to next year, if anyStep by Step Solution
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