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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

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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.) Placed In Asset Service Basis Office furniture (used) March 20 $1,181,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? Woolard's total depreciation

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