Chaz Corporation has taxable income in 2022 of $316,000 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 Maximum total depreciation deduction Basis $ 820,000 970,000 108,000 1,539,000 $ 3,437,000 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. Answer is complete but not entirely correct. $ 2,135,314

Chaz Corporation has taxable income in 2022 of $316,000 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 Maximum total depreciation deduction Basis $ 820,000 970,000 108,000 1,539,000 $ 3,437,000 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. Answer is complete but not entirely correct. $ 2,135,314

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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.] 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.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,350,000 395,000 510,000 $2,255,000 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.) X Answer is complete but not entirely correct. $ 1,040,000 X Maximum total depreciation (including §179 expense)
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AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Maximum §179 expense deductible Basis $ 1,360,000 400,000 515,000 $ 2,275,000 a. What is the maximum amount of §179 expense AMP may deduct for 2022?
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[The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $650,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service Basis September 12 $ 2,270,000 February 10 April 2 263,000 880,000 $ 3,413,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction (including §179 expense)
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Assume Rabbit Corporation (calendar year end) has 2021 taxable income of $500,000 for purposes of computing the §179 expense. During 2021, Rabbit acquired the following assets: Placed in Asset Machinery Service August 12 Computer Equipment February 10 April 2 Basis $2,150,000 365,000 480,000 Office Furniture Determine Rabbit's maximum cost recovery under the following situations: (a) Rabbit opts out of bonus depreciation but elects §179 Total Maximum Cost Recovery for 2021 (b) Rabbit does NOT opt out of bonus depreciation. Total Maximum Cost Recovery for 2021
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