Question
Required information Skip to question [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $260,000 for
Required information
Skip to question
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2022 taxable income of $260,000 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.)
Asset | Purchase Date | Basis |
---|---|---|
Furniture (7-year) | December 1 | $ 414,000 |
Computer equipment (5-year) | February 28 | 110,000 |
Copier (5-year) | July 15 | 50,000 |
Machinery (7-year) | May 22 | 476,000 |
Total | $ 1,050,000 |
c. What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,700,000 instead of $476,000 and assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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