Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the followingassets during the year: Assume CARES Act applies.Placed inAssetServiceBasisSeptember 12February 10August 21Office furniture$Computer equipmentDelivery truckQualified improvement691,000934,00067,000September 301,535,000propertyTotal$ 3,227,000What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 andTable 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.)Maximum total depreciation deduction$2,103,479

Taxable Income:- When an individual earns income from the resources available, then it has to pay…

Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies. Placed in Asset Service Basis September 12 February 10 August 21 Office furniture 691,000 934,000 67,000 Computer equipment Delivery truck Qualified improvement property September 30 1,535,000 Total $3,227,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction $ 2,103,479

Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies. Placed in Asset Service Basis September 12 February 10 August 21 Office furniture 691,000 934,000 67,000 Computer equipment Delivery truck Qualified improvement property September 30 1,535,000 Total $3,227,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction $ 2,103,479

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 28CE

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