Chaz Corporation has taxable income in 2022 of $316,200 for purposes of computing the §179 expense and acquired the following assets during the year:AssetPlaced in ServiceBasisOffice furnitureSeptember 12$ 822,000Computer equipmentFebruary 10972,000Delivery truckAugust 21110,000Qualified real property (MACRS, 15 year, 150% DB)September 301,541,000Total $ 3,445,000What 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.)

Depreciation is an accounting method which is used to spread the cost of the asset over its useful…

Answered: Chaz Corporation has taxable income in…

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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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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