Woolard Inc. has taxable income in 2017 of $150,000 before any depreciation deductions (179, bonus, or MACRS) and acquired the following assets during the year: (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 Placed In Service Basis Office furniture (used) March 20 $ 545,000

a. If Woolard elects $50,000 of 179, what is Woolards total depreciation deduction for the year?

If Woolard elects the maximum amount of 179 for the year, what is the amount of deductible 179 expense for the year? What is the total depreciation expense that Woolard may deduct in 2017? What is Woolard's 179 carry forward amount to next year, if any?

c. Woolard is concerned about future limitations on its 179 expense. How much 179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years?