Assume that ACW Corporation has a 2022 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): Table Summary: Table summarizes computation for total. In column 2, purchase date shows no data for row 5. Asset Placed in Service Basis Machinery September 12 470,000 Computer equipment February 10 70,000 Delivery truck August 21 93,000 Qualified real property (MACRS, 15-year, 150% DB) April 2 1,380,000 Total $2,013,000 What is the maximum amount of §179 expense ACW may deduct for 2022? What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
Assume that ACW Corporation has a 2022 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): Table Summary: Table summarizes computation for total. In column 2, purchase date shows no data for row 5. Asset Placed in Service Basis Machinery September 12 470,000 Computer equipment February 10 70,000 Delivery truck August 21 93,000 Qualified real property (MACRS, 15-year, 150% DB) April 2 1,380,000 Total $2,013,000 What is the maximum amount of §179 expense ACW may deduct for 2022? What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 13P: Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended...
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Assume that ACW Corporation has a 2022 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation):
Table Summary: Table summarizes computation for total. In column 2, purchase date shows no data for row 5.
Asset Placed in Service Basis
Machinery September 12 470,000
Computer equipment February 10 70,000
Delivery truck August 21 93,000
Qualified real property (MACRS, 15-year, 150% DB) April 2 1,380,000
Total $2,013,000
What is the maximum amount of §179 expense ACW may deduct for 2022?
What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
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