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Required information [ The following information applies to the questions displayed below. ] Woolard Supplies ( a sole proprietorship ) has taxable income in 2

Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 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.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to
the nearest whole dollar amount.
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 2022? What is Woolard's 179 carryforward amount to next year, if any?
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