a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline’s §179 carryforward to 2020, if any? b. What would Timberline’s maximum depreciation deduction be for 2019 assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline’s §179 carryforward to 2020, if any? b. What would Timberline’s maximum depreciation deduction be for 2019 assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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Question
Assume that Timberline Corporation has 2019 taxable income of $274,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS)
|
Purchase |
|
|
Asset |
Date |
|
Basis |
Furniture (7-year) |
December 1 |
$ |
484,000 |
Computer equipment (5-year) |
February 28 |
|
124,000 |
Copier (5-year) |
July 15 |
|
64,000 |
Machinery (7-year) |
May 22 |
|
514,000 |
Total |
|
$ |
1,186,000 |
|
- a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019?
- a-2. What is Timberline’s §179 carryforward to 2020, if any?
- b. What would Timberline’s maximum
depreciation deduction be for 2019 assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)
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