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Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has 2019 taxable income of $270.000 for purposes of computing
Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has 2019 taxable income of $270.000 for purposes of computing the $179 expense. It acquired the following assets in 2019: (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 4 88.888 120,000 60,00 510,000 $ 1,179,00 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2019? a-2. What Is Timberline's $179 carryforward to 2020. if any? 2-1 a-2 $179 expense $179 carryforward Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has 2019 taxable income of $270.000 for purposes of computing the $179 expense. It acquired the following assets in 2019: (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 4 88.888 120,000 60,00 510,000 $ 1,179,00 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2019? a-2. What Is Timberline's $179 carryforward to 2020. if any? 2-1 a-2 $179 expense $179 carryforward
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