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Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable
Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $266,000 for purposes of computing the 179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Problem 10-58 Part a (Algo) Required: a-1. What is the maximum amount of 179 expense Timberline may deduct for 2022? a-2. What is Timberline's 179 carryforward to 2023 , if any? Answer is complete but not entirely correct
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