Required Information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Asset Office furniture Machinery Used delivery truck" Cost $ 150,000 1,560,000 40,000 Date Placed in Service 02/03/2021 07/22/2021 08/17/2021 *Not considered a luxury automobile. During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to Increase its production capacity. These are the assets acquired during 2022: Cost $ 400,000 80,000 Asset Computers and information system Luxury auto* Assembly equipment Storage building *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Date Placed in Service 03/31/2022 05/26/2022 08/15/2022 11/13/2022 1,200,000 700,000 e. Complete Part I of Form 4562 for part (b) (use the most current form available). Visit the IRS website and download Form 4562. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
Required Information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Asset Office furniture Machinery Used delivery truck" Cost $ 150,000 1,560,000 40,000 Date Placed in Service 02/03/2021 07/22/2021 08/17/2021 *Not considered a luxury automobile. During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to Increase its production capacity. These are the assets acquired during 2022: Cost $ 400,000 80,000 Asset Computers and information system Luxury auto* Assembly equipment Storage building *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Date Placed in Service 03/31/2022 05/26/2022 08/15/2022 11/13/2022 1,200,000 700,000 e. Complete Part I of Form 4562 for part (b) (use the most current form available). Visit the IRS website and download Form 4562. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required Information
[The following information applies to the questions displayed below.]
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process
of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021:
Cost
$ 150,000
1,560,000
40,000
Asset
Office furniture
Machinery
Used delivery truck*
*Not considered a luxury automobile.
During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to
Increase its production capacity. These are the assets acquired during 2022:
Date Placed in
Service
02/03/2021
07/22/2021
08/17/2021
Asset
Computers and information system
Luxury auto*
Assembly equipment
Storage building
*Used 100% for business purposes.
Cost
$ 400,000
80,000
1,200,000
700,000
Date Placed in
Service
03/31/2022
05/26/2822
08/15/2022
11/13/2022
Karane generated taxable income in 2022 of $1,732,500 for purposes of computing the §179 expense limitation. (Use
MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.)
Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.
e. Complete Part 1 of Form 4562 for part (b) (use the most current form available).
Visit the IRS website and download Form 4562. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click
"Save."](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4daf5fa6-4e1e-4e59-849f-31b1cb22b7e6%2F5b04b1d7-cf55-43b4-99ff-753a5ab52676%2Fsrfnx5l_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process
of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021:
Cost
$ 150,000
1,560,000
40,000
Asset
Office furniture
Machinery
Used delivery truck*
*Not considered a luxury automobile.
During 2021, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2022 to
Increase its production capacity. These are the assets acquired during 2022:
Date Placed in
Service
02/03/2021
07/22/2021
08/17/2021
Asset
Computers and information system
Luxury auto*
Assembly equipment
Storage building
*Used 100% for business purposes.
Cost
$ 400,000
80,000
1,200,000
700,000
Date Placed in
Service
03/31/2022
05/26/2822
08/15/2022
11/13/2022
Karane generated taxable income in 2022 of $1,732,500 for purposes of computing the §179 expense limitation. (Use
MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.)
Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.
e. Complete Part 1 of Form 4562 for part (b) (use the most current form available).
Visit the IRS website and download Form 4562. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click
"Save."
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