In 2020, Company W elected under Section 179 to expense $19,300 of the cost of qualifying property. However, it could deduct only $15,000 of the expense because of the taxable income limitation. In 2021, Company W's taxable income before any Section 179 deduction was $1,812,000. Required: a. Compute its 2021 Section 179 deduction if the total cost of qualifying property purchased in 2021 was $13,600. b. Compute its 2021 Section 179 deduction if the total cost of qualifying property purchased in 2021 was $1,048,000. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute its 2021 Section 179 deduction if the total cost of qualifying property Deduction $ 1,040,000 X < Required A Required B > sed in 2021 was $1,048,000.

In 2020, Company W elected under Section 179 to expense $19,300 of the cost of qualifying property. However, it could deduct only $15,000 of the expense because of the taxable income limitation. In 2021, Company W's taxable income before any Section 179 deduction was $1,812,000. Required: a. Compute its 2021 Section 179 deduction if the total cost of qualifying property purchased in 2021 was $13,600. b. Compute its 2021 Section 179 deduction if the total cost of qualifying property purchased in 2021 was $1,048,000. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Compute its 2021 Section 179 deduction if the total cost of qualifying property Deduction $ 1,040,000 X < Required A Required B > sed in 2021 was $1,048,000.

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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