Question
In: Accounting
Assume that Timberline Corporation has 2018 taxable income of $242,000 for purposes of computing the §179...
Assume that Timberline Corporation has 2018 taxable income of $242,000 for purposes of computing the §179 expense. It acquired the following assets in 2018: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
| Purchase | |||
| Asset | Date | Basis | |
| Furniture (7-year) | December 1 | $ | 452,000 |
| Computer equipment (5-year) | February 28 | 92,000 | |
| Copier (5-year) | July 15 | 32,000 | |
| Machinery (7-year) | May 22 | 482,000 | |
| Total | $ | 1,058,000 | |
Required:
a-1. What is the maximum amount of §179 expense Timberline may deduct for 2018?
a-2. What is Timberline’s §179 carryforward to 2019, if any?
b. What would Timberline’s maximum depreciation deduction be for 2018 assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
c. What would Timberline’s maximum depreciation deduction be for 2018 if the machinery cost $3,020,000 instead of $482,000 and assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Assume that Timberline Corporation has 2019 taxable income of $270,000 for purposes of computing the §179...
Assume that Timberline Corporation has 2019 taxable income of
$270,000 for purposes of computing the §179 expense. It acquired
the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.)
Purchase
Asset
Date
Basis
Furniture (7-year)
December 1
$
480,000
Computer equipment (5-year)
February 28
120,000
Copier (5-year)
July 15
60,000
Machinery (7-year)
May 22
510,000
Total
$
1,170,000
Required:
a-1. What is the maximum amount of §179 expense
Timberline may deduct for...
Assume that Timberline Corporation has 2019 taxable income of $244,000 for purposes of computing the §179...
Assume that Timberline Corporation has 2019 taxable income of
$244,000 for purposes of computing the §179 expense. It acquired
the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.)
Purchase
Asset
Date
Basis
Furniture (7-year)
December 1
$
454,000
Computer equipment (5-year)
February 28
94,000
Copier (5-year)
July 15
34,000
Machinery (7-year)
May 22
484,000
Total
$
1,066,000
b. What would Timberline’s maximum depreciation
deduction be for 2019 assuming no bonus depreciation?...
Assume that Timberline Corporation has 2019 taxable income of $244,000 for purposes of computing the §179...
Assume that Timberline Corporation has 2019 taxable income of
$244,000 for purposes of computing the §179 expense. It acquired
the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.)
Purchase
Asset
Date
Basis
Furniture (7-year)
December 1
$
454,000
Computer equipment (5-year)
February 28
94,000
Copier (5-year)
July 15
34,000
Machinery (7-year)
May 22
484,000
Total
$
1,066,000
b. What would Timberline’s maximum depreciation
deduction be for 2019 assuming no bonus depreciation?...
Assume that ACW Corporation has 2018 taxable income of $1,040,000 for purposes of computing the §179...
Assume that ACW Corporation has 2018 taxable income of
$1,040,000 for purposes of computing the §179 expense. The company
acquired the following assets during 2018 (assume no bonus
depreciation): (Use MACRS Table 1, Table 2, and Table 5).
Machinery
12-Sep
$
474,000
Computer equipment
10-Feb
74,000
Delivery truck
21-Aug
97,000
Qualified improvement property
2-Apr
1,384,000
Total
$
2,029,000
What is the maximum amount of §179 expense ACW may deduct for
2018?
What is the maximum total depreciation that ACW may...
Chaz Corporation has taxable income in 2018 of $426,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2018 of $426,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
781,000
Computer equipment
February 10
910,000
Delivery truck
August 21
55,000
Qualified improvement property
September 30
1,511,000
Total
$
3,257,000
What is the maximum total depreciation deduction that Chaz may
deduct in 2018? (Use MACRS Table 1, Table 2, Table 3, Table 4 and
Table 5.)...
Chaz Corporation has taxable income in 2018 of $372,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2018 of $372,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
681,000
Computer equipment
February 10
936,000
Delivery truck
August 21
68,000
Qualified improvement property
September 30
1,537,000
Total
$
3,222,000
What is the maximum total depreciation deduction that Chaz may
deduct in 2018? (Use MACRS Table 1, Table 2, Table 3, Table 4 and
Table 5.)...
Chaz Corporation has taxable income in 2018 of $452,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2018 of $452,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Assume that the qualified improvement property has satisfied
the conditions mentioned under Section 179(f)(2).
Placed in
Asset Service Basis
Office furniture September 12 $ 781,000
Computer equipment February 10 906,000
Delivery truck August 21 53,000
Qualified improvement property September 30 1,507,000
Total $ 3,247,000
What is the maximum total depreciation deduction that Chaz may
deduct in...
Chaz Corporation has taxable income in 2018 of $312,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2018 of $312,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
780,000
Computer equipment
February 10
930,000
Delivery truck
August 21
68,000
Qualified improvement property
September 30
1,500,000
Total
$
3,278,000
What is the maximum total depreciation deduction that Chaz may
deduct in 2018? (Use MACRS Table 1, Table 2, Table 3, Table 4 and
Table 5.)...
Chaz Corporation has taxable income in 2018 of $312,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2018 of $312,000 for
purposes of computing the §179 expense and acquired the following
assets during the year: Placed in Asset Service Basis Office
furniture September 12 $ 780,000 Computer equipment February 10
930,000 Delivery truck August 21 68,000 Qualified improvement
property September 30 1,500,000 Total $ 3,278,000 What is the
maximum total depreciation deduction that Chaz may deduct in
2018?
Assume that Sivart Corporation has 2017 taxable income of $750,000 for purposes of computing the §179...
Assume that Sivart Corporation has 2017 taxable income of
$750,000 for purposes of computing the §179 expense and acquired
the following assets during 2017: (Use MACRS Table 1, Table 2,
Table 3, Table 4 and Table 5.) Placed in Asset Service Basis
Machinery October 12 $1,440,000
Computer equipment February 10 70,000
Delivery Truck-used August 21 93,000
Furniture April 2 310,000
Total $ 1,913,000
b. What is the maximum total depreciation expense (§179, bonus,
MACRS) that Sivart may deduct in 2017...
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