Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the 179 expense

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Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation.

a) What is the maximum amount of §179 expense Sivart may deduct for 2022?
b) What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2022 on the assets it placed in service in 2022?

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Taxation Of Individuals And Business Entities 2023 Edition

ISBN: 9781265790295

14th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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Question Posted: Nov 15, 2022 01:43 AM

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Assume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the 179 expense

Question:

Asset Machinery Computer equipment Delivery truck-used Furniture Total Placed in Service June 12 February 10 August 21 April 2 Basis $1,440,000 70,000 93,000 310,000 $1,913,000

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a The maximum 179 expense is 1080000 Description Amount Explanation 1 Property placed in service dur...View the full answer

Taxation Of Individuals And Business Entities 2023 Edition

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