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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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