Assume that Tim Corporation has 2020 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) ASSET PURCHASE DATE BASIS Furniture (7-year) December 1 $ 450,000 Computer equipment (5-year) February 28 $90,000 Copier (5-year) July 15 $30,000 Machinery (7-year) May 22 480,000 Total $ 1,050,000 c. What would Tim's maximum depreciation expense deduction be for 2020 if the machinery cost $3,500,000 instead of 480,000 and assuming no bonus depreciation?

Assume that Tim Corporation has 2020 taxable income of $240,000 for purposes of computing the §179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) ASSET PURCHASE DATE BASIS Furniture (7-year) December 1 $ 450,000 Computer equipment (5-year) February 28 $90,000 Copier (5-year) July 15 $30,000 Machinery (7-year) May 22 480,000 Total $ 1,050,000 c. What would Tim's maximum depreciation expense deduction be for 2020 if the machinery cost $3,500,000 instead of 480,000 and assuming no bonus depreciation?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Chaz Corporation has taxable income in 2023 of $1,312,450 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Office furniture September 12 Computer equipment February 10 Delivery truck August 21 Qualified real property (MACRS, 15 year, 150% DB) September 30 Total Basis $ 798,000 948,000 86,000 1,517,000 $ 3,349,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. J'ai besoin d'aide
Subject: accounting
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Assume that ACW Corporation has 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): 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 April 2 $ 1,380,000 (MACRS, 15 year, 150% DB) Total $2,013,000 Question: What is the maximum amount of §179 expense ACW may deduct for 2022? Answer: Question: What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
Chaz Corporation has taxable income in 2022 of $314,800 for purposes of computing the $179 expense and acquired the following assets during the year; Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximumn total depreciation deduction Basis $ 808,000 958,000 96,000 1,527,000 $ 3,389,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery September 12 $ 1,360,000 Computer equipment February 10 400,000 Office building April 2 515,000 Total $ 2,275,000 a. What is the maximum amount of §179 expense AMP may deduct for 2020? b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
AMP Corporation (calendar - year - end) has 2023 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 1,440,000 Computer equipment February 10 440,000 Office building April 2 555,000 Total $ 2,435,000 a. What is the maximum amount of $179 expense AMP may deduct for 2023? b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation?
Chaz Corporation has taxable income in 2022 of $314,200 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Basis $ 802,000 952,000 90,000 1,521,000 $ 3,365,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Cop
On January 1, 2019, Vaughn Inc. purchased equipment for $ 44900. The company is depreciating the equipment at the rate of $ 710 per month. At January 31, 2020, the balance in Accumulated Depreciation is O $9230. O $35670. O $710. O $8520.
Chaz Corporation has taxable income in 2023 of $1,312,250 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Service September 12 February 10 August 21 September 30 Basis $ 790,000 940,000 78,000 1,509,000 $ 3,317,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction
Chaz Corporation has taxable income in 2022 of $316,200 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture September 12 $ 822,000 Computer equipment February 10 972,000 Delivery truck August 21 110,000 Qualified real property (MACRS, 15 year, 150% DB) September 30 1,541,000 Total $ 3,445,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

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