Required information [The following information applies to the questions displayed below) Assume that Timberline Corporation has 2020 taxable income of $264.000 for purposes of computing the $179 expense. It acquired the following assets in 2020 (USE MACRS Table 1. Table 2. Tables Table 4 and Tobe 5) Purchase Asset Date Basis Furniture (7-year) December 1 3 474,000 Computer equipment (5-year) February 20 114,000 Copier (5-year) July 15 54,000 Machinery (7year) May 22 504,000 Total $ 1,146,00 Required: -1. What is the maximum amount of 5179 expense Timberline may deduct for 20207 -2. What is Timberlines 3179 carryforward to 2021, if any Required information [The following information applies to the questions displayed below) Assume that Timberline Corporation has 2020 taxable income of $264,000 for purposes of computing the 5179 expense. It acquired the following assets in 2020 (Use MACRS Table 1. Table 2. Table 3. Toble 4 and Table 5.) Purchase Asset Date Basis Furniture (7-year) December 1 5 474,000 Computer equipient (5-year) February 28 114,000 Copier (5-year) July 15 54,000 Machinery (7-year) 504,000 Total $ 1,146,000 May 22 b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation (Round your Intermediate calculations and final answer to the nearest whole dollar amount.) ! Required information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2020 taxable income of $264,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1. Table 2. Toble 3. Table 4 and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 474, eee 114,000 54,00 564,000 $ 1,146,000 c. What would Timberline's maximum depreciation deduction be for 2020 of the machinery cost $3,740,000 instead of $504,000 and assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 5 10 Required information The following information applies to the questions displayed below! Assume that Timberline Corporation has 2020 taxable income of $264,000 for purposes of computing the 5179 expense. It acquired the following assets in 2020: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) pod Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 $ 474,000 114,000 54,000 564, cee $ 1,146,eee BOOK Print Required: a-1. What is the maximum amount of 5179 expense Timberline may deduct for 2020? a-2. What is Timberline's 5179 carryforward to 2021, if any? terences Maximum 5179 expense Maximum 5179 carryforward Next > 16 Part 2 Required information The following information applies to the questions displayed below) Assume that Timberline Corporation has 2020 taxable income of $264,000 for purposes of computing the 5179 expense. It acquired the following assets in 2020 (Use MACRS Tobie... Table 2. Table 3. Table 4 and Table5) 10 Skoped Asset Furniture (7-year) Computer equipment (5 year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 Basts $ 474,000 114.000 54,000 500,000 $ 1,146,000 May 22 obook Punt References b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Men Derector Doctor route to me) Required information [The following information applies to the questions displayed below) Assume that Timberline Corporation has 2020 taxable income of $264,000 for purposes of computing the $179 expense. It acquired the following assets in 2020 (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 474, eee 114,000 54,000 504,000 $1,146,000 c. What would Timberline's maximum depreciation deduction be for 2020 if the machinery cost $3,740,000 instead of $504,000 and assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Mamm tinctina 179 exporno
