Question
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
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 Placed In Service Basis Office furniture (used) March 20 $ 1,163,000 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?
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