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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2017 taxable income of $240,000 for purposes of computing
Required information
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2017 taxable income of $240,000 for purposes of computing the 179 expense. It acquired the following assets in 2017: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Purchase | |||
Asset | Date | Basis | |
Furniture (7-year) | December 1 | $ | 350,000 |
Computer equipment (5-year) | February 28 | 90,000 | |
Copier (5-year) | July 15 | 30,000 | |
Machinery (7-year) | May 22 | 480,000 | |
Total | $ | 950,000 | |
|
a-2. What is Timberlines 179 carryforward to 2018, if any?
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