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Please help, thank you. Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2020 taxable income of $240,000
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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2020 taxable income of $240,000 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 $ 450,000 90,000 30,000 480,000 $ 1,050,000 . What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation? Maximum Depreciation Deduction (including $179 expense) Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2020 taxable income of $240,000 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 $ 450,000 90,000 30,000 480,000 $ 1,050,000 . What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation? Maximum Depreciation Deduction (including $179 expense)Step by Step Solution
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