Chaz Corporation has taxable income in 2020 of $396,000 for purposes of computing the §179 expense and acquired the following assets during the year:What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Placed inAssetServiceBasisSeptember 12February 10August 21Office furniture621,000948,00074,000Computer equipmentDelivery truckQualified improvementpropertySeptember 301,549,000Total$ 3,192,000 TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line-39 Years (for assets placed in service on or after May 13, 1993)Month Property Placed in ServiceMonth 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9Month 10Month 11Month 12Year 12.461%2.247%2.033%1.819%1.605%1.391%1.177%0.963%0.749%0.535%0.321%0.107%Year 2–392.5642.5642.5642.5642.5642.5642.5642.5642.5642.5642.5642.564Year 400.1070.3210.5350.7490.9631.1771.3911.6051.8192.0332.2472.461

Introduction Depreciation expense can be defined as a non-cash expenditure which represents the…

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Business

Accounting

furnit r equi

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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