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please answer based on 2021 30 06 ints Required information (The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has
please answer based on 2021
30 06 ints Required information (The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2021 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.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset office furniture (used) Placed In Service March 20 Basis $ 1,200,000 b. 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 total depreciation that Woolard may deduct in 2021? What is Woolard's $179 carryforward amount to next year, if any? The Thank Answer is not complete. Deductible $179 expense $ 214,335 Total depreciation deduction $179 carryforward QWERTYUIO Step by Step Solution
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