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Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business i of setting up the business, Karane has acquired various types of assets.
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business i of setting up the business, Karane has acquired various types of assets. Below is a list of assets acq Asset Office furniture Machinery Used delivery truck* Cost $ 150,000 1,560,000 40,000 Date Placed in Service 02/03/2019 07/22/2019 08/17/2019 *Not considered a luxury automobile. During 2019, Karane was very successful and had no $179 limitations) and decided to acquire more increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 fUsed 100% for business purposes. Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 expens (Use MACRS Table 1, Table 2. Table 3, Table 4, Table 5, and Exhibit 10-10.) (Leave no answer blank. B applicable. Input all the values as positive numbers.) Storage building 700,000 11/13/2020 tUsed 100% for business purposes. Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 exper (Use MACRS Table 1, Table 2. Table 3, Table 4. Table 5, and Exhibit 10-10.) (Leave no answer blank. applicable. Input all the values as positive numbers.) Compute the maximum 2019 depreciation deductions, including $179 expense (ignoring bonus depreci Description Office furniture Machinery Delivery truck Total 2019 Cost Recovery Current Total Cost Cost $179 Expense MACRS Basis MACRS Recovery Depreciation Deduction 150,000 $ 0 $ 150,000 $ 21,435 $ 21,435 1,560,000 1,000,000 560,000 80,024 1,080,024 40,000 0 40,000 8,000 8,000 $ 1,750,000 $ 1,000,000 $ 750,000 $ 109,459 $ 1,109,459 19 ----- increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Used 100% for business purposes. Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) (Leave no answer applicable. Input all the values as positive numbers.) b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus Description Cost Sec. 179 Expense MACRS Basis Current MACRS Depreciation Total Recov Deduc HA 2019 Assets Office furniture Machinery Used delivery truck Storage building 700,000 11/13/2020 tUsed 100% for business purposes. Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 exper (Use MACRS Table 1, Table 2. Table 3, Table 4. Table 5, and Exhibit 10-10.) (Leave no answer blank. applicable. Input all the values as positive numbers.) Compute the maximum 2019 depreciation deductions, including $179 expense (ignoring bonus depreci Description Office furniture Machinery Delivery truck Total 2019 Cost Recovery Current Total Cost Cost $179 Expense MACRS Basis MACRS Recovery Depreciation Deduction 150,000 $ 0 $ 150,000 $ 21,435 $ 21,435 1,560,000 1,000,000 560,000 80,024 1,080,024 40,000 0 40,000 8,000 8,000 $ 1,750,000 $ 1,000,000 $ 750,000 $ 109,459 $ 1,109,459 19 ----- increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Used 100% for business purposes. Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) (Leave no answer applicable. Input all the values as positive numbers.) b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus Description Cost Sec. 179 Expense MACRS Basis Current MACRS Depreciation Total Recov Deduc HA 2019 Assets Office furniture Machinery Used delivery truck
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