Question
Woolard Supplies (a sole-proprietorship) has taxable income in 2018 of $240,000 before any depreciation deductions (179, bonus, or MACRS) and placed some office furniture into
Woolard Supplies (a sole-proprietorship) has taxable income in 2018 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 $ 1,183,000 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 2018? What is Woolard's 179 carryforward amount to next year, if any?
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