Question
White Company acquires a new machine (seven-year property) on January 10, 2023, at a cost of $620,000. White makes the election to expense the maximum
White Company acquires a new machine (seven-year property) on January 10, 2023, at a cost of $620,000. White makes the election to expense the maximum amount under 179 and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2023, assuming that White reports taxable income of $800,000.
| a. | $620,000 | |
| b. | $568,574 | |
| c. | $301,159 | |
| d. | $88,598 |
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
