Question
In: Accounting
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $656,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $656,000 for purposes of computing the §179 expense. The company acquired the following assets during 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
| Placed in | |||
| Asset | Service | Basis | |
| Machinery | September 12 | $ | 2,270,750 |
| Computer equipment | February 10 | 263,975 | |
| Furniture | April 2 | 881,275 | |
| Total | $ | 3,416,000 | |
a. What is the maximum amount of §179 expense TDW may deduct for 2020?
b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Solutions
ekkarill92 answered 8 months agoRelated Solutions
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $650,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020
taxable income of $650,000 for purposes of computing the §179
expense. The company acquired the following assets during 2020:
(Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset Service Basis
Machinery September 12 $ 2,270,000
Computer equipment February 10 263,000
Furniture April 2 880,000
Total $ 3,413,000
a. What is the maximum amount of §179 expense TDW may deduct
for 2020?
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $654,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020 taxable
income of $654,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2020: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,270,500
Computer equipment
February 10
263,650
Furniture
April 2
880,850
Total
$
3,415,000
a. What is the maximum amount of §179 expense
TDW may deduct for 2020?
Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $668,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable
income of $668,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2019: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,272,250
Computer equipment
February 10
265,925
Furniture
April 2
883,825
Total
$
3,422,000
a. What is the maximum amount of §179 expense
TDW may deduct for 2019?
b. What is the maximum...
Assume that TDW Corporation (calendar-year-end) has 2018 taxable income of $650,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2018 taxable
income of $650,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2018:
Asset
Placed in Service
Basis
Machinery
September 12
$2,270,000
Computer Equipment
February 10
$263,000
Furniture
April 2
$880,000
Total
$3,413,00
a. What is the maximum amount of §179 expense TDW may deduct for
2018?
b. What is the maximum total depreciation, including §179
expense, that TDW may deduct in 2018 on the assets it...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $698,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable
income of $698,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2019: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,276,000
Computer equipment
February 10
270,800
Furniture
April 2
890,200
Total
$
3,437,000
b. What is the maximum total depreciation,
including §179 expense, that TDW may deduct in 2019 on the assets...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $680,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable
income of $680,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2019:
Asset
Placed in Service
Basis
Machinery
Sept. 12
2,273,750
Computer Equipment
Feb. 10
267,875
Furniture
April 2
886,375
Total
3,428,000
What is the maximum total depreciation, including §179 expense,
that TDW may deduct in 2019 on the assets it placed in service in
2019, assuming no bonus depreciation?
Assume that TDW Corporation (calendar-year-end) has 2018 taxable income of $674,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2018 taxable
income of $674,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2018: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,273,000
Computer equipment
February 10
266,900
Furniture
April 2
885,100
Total
$
3,425,000
b. What is the maximum total depreciation,
including §179 expense, that TDW may deduct in 2018 on the assets...
Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing...
Assume AMP Corporation (calendar year end) has 2017 taxable
income of $900,000 for purposes of computing the §179 expense.
During 2017, AMP acquired the following assets:
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,550,000
Computer equipment
February 10
365,000
Office building
April 2
480,000
Total
$
2,395,000
a.
What is the maximum amount of §179 expense AMP may deduct for
2017?
b.
What is the maximum total depreciation expense, including §179
expense, that AMP may deduct in 2017...
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2020 taxable income of
$1,900,000 for purposes of computing the §179 expense. During 2020,
AMP acquired the following assets:
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,320,000
Computer equipment
February 10
380,000
Office building
April 2
495,000
Total
$
2,195,000
1.What is the maximum amount of §179 expense AMP may deduct for
2020?
2.What is the maximum total depreciation, including §179
expense, that AMP may deduct in 2020 on the assets it placed in...
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2020 taxable income of
$1,900,000 for purposes of computing the §179 expense. During 2020,
AMP acquired the following assets: (Use MACRS Table 1, Table 2,
Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,300,000
Computer equipment
February 10
370,000
Office building
April 2
485,000
Total
$
2,155,000
a. What is the maximum amount of §179 expense
AMP may deduct for 2020?
b. What is the maximum total depreciation,...
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