The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business (Use MACRS Table 1 Table 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office Furniture (used) Placed In Service March 20 Basis $1,263,000 b. If Woolard elects the maximum amount of 5179 for the year, what is the amount of deductible 1179 expense for the year? What is the total depreciation that Woolard may deduct in 2019? What is Woolard 5179 carry forward amount to next year any Deductible $170 pense Total depreciation deduction 5170 cartonward Table 1 MACRS Half-Year Convention 20-Year 3.7506 7219 Depreciation Rate for Recovery Period -Year 5 Year 7 Year 10-Year 15-Year 33.33% 20,00% 14.29% 10.00% 5.00% 44.45 32.00 24.49 18.00 9.50 14.81 19 20 17.49 741 11.52 12.49 7.70 11.52 5.76 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 855 8.92 893 4.16 Years 4.162 Year 9 4161 Year 10 5.91 5.90 5.91 5.90 5.91 4162 4161 Year 11 Year 12 Year 13 4.462 4.461 Sear 14 4162 Year 15 4161 Year 16 4162 Year 17 4.461 4162 461 2.331 Year 20 a c on: Nor properly placed IT SERVICE Uuring Line 7 st quarter Depreciation Rate for Recovery Period 5-Year 7-Year Yearl 35.00% 25.00% Year 2 26.00 21.43 Year 3 15.60 1531 Year 4 11.01 10.93 Year 5 11.01 8.75 Year 6 1.38 8.74 Year 7 8.75 Year 8 11.09 TABLE 26 MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 L 16.76 Year 4 11.37 | Year 5 11.37 8.87 Year 6 T 4.26 8.87 Year 7 S.57 Year 8 TABLE 2 MACRS Mid-Quarter Convention: For property placed in service curing the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.000 10.71 Year 2 34.00 23.31 Year 3 20.40 18.22 Year 1 12.24 13.02 11.97 3.34 1120 30 oo oo 10000 III LL 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 Year 6 4.26 Year 7 8.87 Year 81 3.34 TABLE 2c MACRS Mid-Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5:53 TABLE 2d MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period 5 -Year 7-Year Yearl 5.00% 3.57% Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6 9.58 8.73 Year 7 8.73 Year 8 7.64 1 L Month Property For Month 3 Month 7 9 0 09201 2.513% 3.175 3.175 3 174 3.175 Month 2 2.778% 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.175 217 174 Month 1 Yearl 30429 Year 2-7 3.175 Years 3.175 Year 9 3.174 Year 103 .175 3174 Year 12 3.175 Year 13 3.174 Year 14 3.175 Year 15 3 .174 3.175 Year 17 3.174 Year 18 3.175 Year 111 3.174 3.175 3.174 3.175 3.174 3.175 3.175 3.174 3.175 i ght Line 30.5 Years for spaced before May 13, Month Property Placed in Service Month 4 Month Meeth 6 Month 7 Maath Meath Month 10 Month II 2349% Month 12 1984% 17204 1 459 1 19096 0936% 0.661% 0.9% 3.175 0.1321 3.175 3.175 3.175 175 3.179 3175 175 3173 3.174 3 175 3 174 3.175 3.175 3.175 175 3.179 3.175 3.175 3.174 3.175 3 174 3.175 17 3.175 3 174 175 3.174 3.175 3174 3.174 1753.173 .175 17 3.175 3174 3175 3.174 175 176 3175 3 174 175 3.174 3175 3.174 1753.17431753174 3.175 1 3.124 3.175 3.174 315 311 3125 1 174 175 3.175 3.174 3175 3 174 175 174 315 3174 3.175 3174 174 175 3.174 175 1743.175317 173 3175 3.174 3.175 174 313 314 3173 174 3175 3.114 3.175 3.175 3174 1753 174 175 3.174 3.174 3.175 3.173 174 175 DIN 3 13 .174 1 3.174 3.173 1 3. 3 .175 175 3.14 3.175 3.174 3.1953.1743.113 3.173.173174 3.175 3.174 3.175 3.1743175113.173 31133174 1174 3.174 314 BIS 1 3.175 3151 115 1 11 3175 11 312 3.15 3.195 175 3.174 JAN 31 3115 3.113 3 174 3.14 215 IN 3.13 1121 313 3 .174 175 1173 315 314 3.174 311313131 3173 3.173 .194 213 3 1 1 .14 3074 1 13 IN 1 HORSEE 3.174 3.174 3.175 Year 20 3 .175 Year 213.174 3.174 3.173 3.174 3.175 3.175 3.194 Year 21 3.175 Year 21 3174 3115 3 174 3174 IN Year 26 3.175 3.174 3.175 3.174 3.173 3.114 3.175 3 174 3195 Year 27 175 3.114 115 14 175 212 Year 28 3.13 114 Year 30 SLIE TIF 3114 Year 31 Year 32 STE CISE 1861. TABLE 5 Nonresidential Real Property MW Moth Convention SerigheLine-39 Yuan (forts placed in cow My IX, 1923) Moth Property dla Service Month 1 Month 3 Month 3 Month Month 3 Month 6 M M M M 224519 222479 2011 181941 605 13914 11779 0 9539 2.564 - 2564 2561 2564 2.564 2564 2.364 0.107 0321 0535 0.7490963111713911605 1819 Mench Mall 3219 05 264 2033 264 2347
