Question
In: Accounting
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 on the assets it placed in service in 2017? (Round your intermediate computations to the nearest whole dollar amount.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Chaz Corporation has taxable income in 2017 of $361,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $361,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in Asset Service Basis
Office furniture September 12 $ 1,200,000
Computer equipment February 10 920,000
Delivery truck August 21 60,000
Total $ 2,180,000
What is the maximum total depreciation expense that Chaz may
deduct in 2017?
Chaz Corporation has taxable income in 2017 of $356,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $356,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
1,240,000
Computer equipment
February 10
928,000
Delivery truck
August 21
64,000
Total
$
2,232,000
What is the maximum total depreciation expense that
Chaz may deduct in 2017? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Round your answer to the nearest...
Chaz Corporation has taxable income in 2017 of $406,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $406,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
1,180,000
Computer equipment
February 10
916,000
Delivery truck
August 21
58,000
Total
$
2,154,000
What is the maximum total depreciation expense that
Chaz may deduct in 2017? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Round your answer to the nearest...
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 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...
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...
Assume that ACW Corporation has 2020 taxable income of $1,540,000 for purposes of computing the §179...
Assume that ACW Corporation has 2020 taxable income of
$1,540,000 for purposes of computing the §179 expense. The company
acquired the following assets during 2020 (assume no bonus
depreciation): (Use MACRS Table 1, Table 2, and Table 5).
Asset
Placed in Service
Basis
Machinery
12 September
$
474,000
Computer equipment
10 February
74,000
Delivery truck
21 August
97,000
Qualified improvement property
2 April
1,384,000
Total
$
2,029,000
What is the maximum amount of §179 expense ACW may deduct for
2020?...
AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the §179 expense....
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: (Use MACRS Table 1, Table 2, Table 3, Table 4
and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September
12
$
1,310,000
Computer equipment
February 10
375,000
Office building
April 2
490,000
Total
$
2,175,000
a.
What is the maximum amount of §179 expense AMP may deduct for
2017?
b.
What is the maximum total depreciation...
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