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Problem 10-59 (LO 10-2, Lo 10-3) [The following information applies to the questions displayed below. Dain's Diamond Bit Diling purchased the following assets this year.
Problem 10-59 (LO 10-2, Lo 10-3) [The following information applies to the questions displayed below. Dain's Diamond Bit Diling purchased the following assets this year. Original Basis 90,000 95,000 220,000 Purchase Date Asset Drill bits (5-year) Drill bits (5-year) Commercial building January 25 July 25 April 22 Assume its taxable income for the year was $53,000 for purposes of computing the 5179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) Problem 10-59 Part b b. what is Dain's maximum depreciation deduction for the year (including 5179 expense)? (Round your intermediate calculations to the nearest whole dollar amount.) Depreciation expense (including $179 expense)
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