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- Assume that Timberline Corporation has 2023 taxable income of $248,000 for purposes of computing the §179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part a (Algo) Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? $ 1,050,000 $ Basis $ 526,000 98,000 38,000 588,000 $ 1,250,000 0Assume that ACW Corporation has 2023 taxable income of $1,820,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Placed in Service 12-September 10-February Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total Asset Machinery Computer equipment a. What is the maximum amount of $179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 502,000 102,000 125,000 1,412,000 $ 2,141,000 $ $ 1,160,000 1,304,408 XAssume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,560,000 instead of $486,000 and assuming no bonus depreciation?
- Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?Assume that ACW Corporation has 2023 taxable income of $1,880,000 for purposes of computing the $179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Placed in Service Basis Machinery 12-September $ 508,000 Computer equipment 10-February 108,000 Delivery truck 21-August 131,000 Qualified real property (MACRS, 15 year, 02-April 1,418,000 150% DB) Total $ 2,165,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $696,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 2,275,750 Computer equipment February 10 270,475 Furniture April 2 889,775 Total $ 3,436,000 What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
- Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April Basis $ 482,000 82,000 105,000 1,392,000 $ 2,061,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. X Answer is complete but not entirely correct. $ $ a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 1,160,000 219,581 XAssume that TDW Corporation (calendar year-end) has 2021 taxable income of $696,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 2,275,750 Computer equipment February 10 270,475 Furniture April 2 889,775 Total $ 3,436,000 What is the maximum amount of §179 expense TDW may deduct for 2021? (713270 is my prev answer and its wrong)Required information [The following information applies to the questions displayed below] Assume that Timberline Corporation has 2023 taxable income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3. Table 4. and Table 5.) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 Copier (5-year) Machinery (7-year) July 15 May 22 128,000 68,000 522,000 Total $ 1,250,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? a-1. Maximum §179 expense a-2. Maximum $179 carryforward to 2023
- ! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check mAMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5) Asset Machinery Computer equipment Office building Total Placed in Service September 12 Basis $ 1,390,000 February 101 April 2 415,000 $ 2,335,000 530,000 b. What is the maximum total depreciation, Including $179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including $170 expense), $ 1,315,000AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Machinery September 12 Computer equipment Office building February 10 April 2 Basis $ 1,550,000 365,000 480,000 Total $ 2,395,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?