b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the total depreciation that Woolard may deduct in 2022? What is Woolard's $179 carryforward amount to next year, if any? Answer is not complete. Deductible $179 expense Total depreciation deduction $ 240,000 §179 carryforward
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the total depreciation that Woolard may deduct in 2022? What is Woolard's $179 carryforward amount to next year, if any? Answer is not complete. Deductible $179 expense Total depreciation deduction $ 240,000 §179 carryforward
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation
deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The
furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to
the nearest whole dollar amount.
Asset
Office furniture (used)
Placed In
Service
Basis
March 20 $ 1,195,000
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What
is the total depreciation that Woolard may deduct in 2022? What is Woolard's §179 carryforward amount to next year, if any?
Answer is not complete.
Deductible $179 expense
Total depreciation deduction
$179 carryforward
$ 240,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F62b0283f-a94c-427a-89b8-1330e49a30d6%2Fc224f911-6d90-4724-b7d2-85722002fde6%2Fjkoyzzj_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation
deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The
furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to
the nearest whole dollar amount.
Asset
Office furniture (used)
Placed In
Service
Basis
March 20 $ 1,195,000
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What
is the total depreciation that Woolard may deduct in 2022? What is Woolard's §179 carryforward amount to next year, if any?
Answer is not complete.
Deductible $179 expense
Total depreciation deduction
$179 carryforward
$ 240,000
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