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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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102.
![Required information
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2023 taxable income of $242,000 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
Purchase Date
December 1
February 28
a-1. Maximum §179 expense
a-2. Maximum §179 carryforward to 2023
July 15
May 22
Basis
$ 544,000
92,000
32,000
582,000
$ 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc97ca13b-22ed-42e6-9aeb-3e7f8e5214dd%2F773515bb-8d84-4211-9a3a-9439290d2610%2Fr3x4ni_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2023 taxable income of $242,000 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
Purchase Date
December 1
February 28
a-1. Maximum §179 expense
a-2. Maximum §179 carryforward to 2023
July 15
May 22
Basis
$ 544,000
92,000
32,000
582,000
$ 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?
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