Assume that ACW Corporation has 2017 taxable income of $1,000,000 for purposes of computing the §179 expense. The company acquired the following assets during 2017(assume no bonus depreciation): (Use MACRS Table 1, Table 2) Asset Machinery Computer equipment Delivery truck Qualified leasehold improvements Total Placed in Service September 12 February 10 August 21 April 2 a. §179 expense for 2017 b. Total deductible depreciation for 2017 a. What is the maximum amount of §179 expense ACW may deduct for 2017? Basis $ 470,000 70,000 93,000 380,000 $1,013,000 b. What is the maximum total depreciation expense that ACW may deduct in 2017 on the assets it placed in service in 2017? $ 510,000

Assume that ACW Corporation has 2017 taxable income of $1,000,000 for purposes of computing the §179 expense. The company acquired the following assets during 2017(assume no bonus depreciation): (Use MACRS Table 1, Table 2) Asset Machinery Computer equipment Delivery truck Qualified leasehold improvements Total Placed in Service September 12 February 10 August 21 April 2 a. §179 expense for 2017 b. Total deductible depreciation for 2017 a. What is the maximum amount of §179 expense ACW may deduct for 2017? Basis $ 470,000 70,000 93,000 380,000 $1,013,000 b. What is the maximum total depreciation expense that ACW may deduct in 2017 on the assets it placed in service in 2017? $ 510,000

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 73P

See similar textbooks

Similar questions

Assume 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 X
Cop
nku.3
1 Assume that ACW Corporation has 2021 taxable income of $1,940,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Placed in Service Basis Machinery 12-Sep $ 514,000 Computer equipment 10-Feb 114,000 Delivery truck 21-Aug 137,000 Qualified improvement property 02-Apr 1,424,000 Total $ 2,189,000 What is the maximum amount of §179 expense ACW may deduct for 2021? What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
Assume that ACW Corporation has 2021 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 February 10 August 21 April 2 Basis $ 470,000 70,000 93,000 a. Maximum §179 expense for 2021 b. Maximum total deductible depreciation for 2021 1,380,000 $ 2,013,000 a. What is the maximum amount of §179 expense ACW may deduct for 2021? b. What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
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 2023
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 X
Subject - account Please help me. Thankyou.
Assume that ACW Corporation has 2023 taxable income of $1,940,000 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 a. What is the maximum amount of §179 expense ACW may deduct for 2023? a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 514,000 114,000 137,000 1,424,000 $ 2,189,000 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.
3
Subject: ac
Assume that ACW Corporation has 2021 taxable income of $1,920,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and_Table 5.) Bas is $ 512,000 112,000 135,000 1,422,000 Asset Machi nery Computer equipment Delivery truck Qualified improvement property Placed in Service 12-Sep 10-Feb 21-Aug 02-Apr Total $ 2,181,000 a. What is the maximum amount of §179 expense ACW may deduct for 2021? b. What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 20021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. Maximum §179 expense for 2021 b. Maximum total deductible depreciation for 2021