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Woolard Supplies (a sole proprietorship) has taxable income in 2023 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office
Woolard Supplies (a sole proprietorship) has taxable income in 2023 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) Placed In Service March 20 Basis $ 1,179,000 b. 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 that Woolard may deduct in 2023? What is Woolard's 179 carryforward amount to next year, if any? Deductible $179 expense Total depreciation deduction $179 carryforward
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