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Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired

Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021 Cost Date Placed in Service Asset office furniture. Machinery used delivery truck $ 200,000 1,570,000 50,000 02/03/2021 07/22/2021 08/17/2021 "Not considered a luxury automobile. During 2021, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022 Date Placed in Asset Computers and information system Luxury auto Assembly equipment storage building Cost Service $410,000 03/31/2022 82,500 05/26/2022 1,250,000 08/15/2022 900,000 11/13/2022 "Used 100% for business purposes. Karane generated taxable income in 2022 of $1,745,000 for purposes of computing the $179 expense limitation. (Use MACRS Table 1. Table 2. Table 3. Table 4. Teble 5. and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Compute the maximum 2021 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description Cost $179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction Office furniture $ 0 O Machinery 0 Used delivery truck Total 0 0 $ 0 $ 0 $ O b. Compute the maximum 2022 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description 2021 Assets Office furniture Machinery Used delivery truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction O $ 0 $ 0 $ 0 $ 0 $ 0 0

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