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Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020.
Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020 : During 2020, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Used 100% for business purposes. Karane generated taxable income in 2021 of $1,737,500 for purposes of computing the 179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and ( Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Required: b. Compute the maximum 2021 depreciation deductions, including $179 expense (ignoring bonus depreciation)
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