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Assume that ACW Corporation has 2023 taxable income of $1,520,000 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. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 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. Basis $ 472,000 72,000 95,000 1,382,000 $ 2,021,000 $ $ 1,050,000 141,620

Assume that ACW Corporation has 2023 taxable income of $1,520,000 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. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 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. Basis $ 472,000 72,000 95,000 1,382,000 $ 2,021,000 $ $ 1,050,000 141,620

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Assume that ACW Corporation has 2023 taxable income of $1,520,000 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. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 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 swer to the nearest whole dollar amount. Basis $ 472,000 72,000 95,000 1,382,000 $ 2,021,000 $ $ 1,050,000 141,620
Transcribed Image Text:Assume that ACW Corporation has 2023 taxable income of $1,520,000 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. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 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 swer to the nearest whole dollar amount. Basis $ 472,000 72,000 95,000 1,382,000 $ 2,021,000 $ $ 1,050,000 141,620
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