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Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Original Basis Asset Date Drill bits (5-year) Drill bits (5-year) Commercial building January 25 July 25 April 22 $ 115,000 118,500 299,000 Assume its taxable income for the year was $76,500 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) b. What is Dain's maximum depreciation deduction for the year (including §179 expense)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Depreciation Deduction (including $179 expense)

Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Original Basis Asset Date Drill bits (5-year) Drill bits (5-year) Commercial building January 25 July 25 April 22 $ 115,000 118,500 299,000 Assume its taxable income for the year was $76,500 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) b. What is Dain's maximum depreciation deduction for the year (including §179 expense)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Depreciation Deduction (including $179 expense)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Dain's Diamond Bit Drilling purchased the following assets this year. Original Basis $ 115,000 118,500 299,000 Purchase Asset Date Drill bits (5-year) Drill bits (5-year) January 25 July 25 April 22 Commercial building Assume its taxable income for the year was $76,500 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) b. What is Dain's maximum depreciation deduction for the year (including §179 expense)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Depreciation Deduction (including §179 expense)
Transcribed Image Text:Dain's Diamond Bit Drilling purchased the following assets this year. Original Basis $ 115,000 118,500 299,000 Purchase Asset Date Drill bits (5-year) Drill bits (5-year) January 25 July 25 April 22 Commercial building Assume its taxable income for the year was $76,500 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) b. What is Dain's maximum depreciation deduction for the year (including §179 expense)? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Depreciation Deduction (including §179 expense)
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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