Mc Graw Hill от 9 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Problem 07-22 (Static) [LO 7-5, 7-7] Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2024. Use Table 7-2. Required: a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost recovery deduction. Note that for 2024 the maximum Section 179 deduction was $1,220,000. b. How would your computation change if Margo paid $3,200,000 for the machinery? Note that for 2024 the Section 179 deduction threshold amount was $3,050,000. c. How would your computation change if Margo paid $4,750,000 for the machinery? d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2024? Note: For all requirements, round your intermediate computations to the nearest whole dollar amount. × Answer is complete but not entirely correct. Amount a. Deduction (158,000) b. Deduction $ 3,200,000 ☑ c. Deduction $ 4,750,000 x d. Deduction $ 1,580,000 < Prev 9 of 20 Next > Return to question TABLE 7.2 MACRS for Business Personalty (Half-Year Convention) Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year Depreciation Rate 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231
Mc Graw Hill от 9 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Problem 07-22 (Static) [LO 7-5, 7-7] Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2024. Use Table 7-2. Required: a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost recovery deduction. Note that for 2024 the maximum Section 179 deduction was $1,220,000. b. How would your computation change if Margo paid $3,200,000 for the machinery? Note that for 2024 the Section 179 deduction threshold amount was $3,050,000. c. How would your computation change if Margo paid $4,750,000 for the machinery? d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2024? Note: For all requirements, round your intermediate computations to the nearest whole dollar amount. × Answer is complete but not entirely correct. Amount a. Deduction (158,000) b. Deduction $ 3,200,000 ☑ c. Deduction $ 4,750,000 x d. Deduction $ 1,580,000 < Prev 9 of 20 Next > Return to question TABLE 7.2 MACRS for Business Personalty (Half-Year Convention) Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year Depreciation Rate 1 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 2 44.45 32.00 24.49 18.00 9.50 7.219 3 14.81 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52 12.49 11.52 7.70 6.177 5 11.52 8.93 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 89IP
Related questions
Question
please provide correct answers carefully. i keep receiving incorrect answers from here. Do correct for upvote and appreciate it!
![Mc
Graw
Hill
от
9
points
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.
Problem 07-22 (Static) [LO 7-5, 7-7]
Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1,
2024. Use Table 7-2.
Required:
a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost
recovery deduction. Note that for 2024 the maximum Section 179 deduction was $1,220,000.
b. How would your computation change if Margo paid $3,200,000 for the machinery? Note that for 2024 the Section 179 deduction
threshold amount was $3,050,000.
c. How would your computation change if Margo paid $4,750,000 for the machinery?
d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2024?
Note: For all requirements, round your intermediate computations to the nearest whole dollar amount.
× Answer is complete but not entirely correct.
Amount
a. Deduction
(158,000)
b. Deduction
$
3,200,000 ☑
c. Deduction
$
4,750,000 x
d. Deduction
$
1,580,000
< Prev
9 of 20
Next >
Return to question](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc8514667-bf86-4079-a5fb-967fac7b38d7%2F0ce3b2b6-a8db-4ee9-a1da-71d5487590d1%2Fk4co74o_processed.png&w=3840&q=75)
Transcribed Image Text:Mc
Graw
Hill
от
9
points
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.
Problem 07-22 (Static) [LO 7-5, 7-7]
Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1,
2024. Use Table 7-2.
Required:
a. Assuming that the machinery was the only tangible property placed in service during the year, compute Margo's maximum cost
recovery deduction. Note that for 2024 the maximum Section 179 deduction was $1,220,000.
b. How would your computation change if Margo paid $3,200,000 for the machinery? Note that for 2024 the Section 179 deduction
threshold amount was $3,050,000.
c. How would your computation change if Margo paid $4,750,000 for the machinery?
d. How would your answer to part (a) change if the machinery was purchased in 2022 instead of 2024?
Note: For all requirements, round your intermediate computations to the nearest whole dollar amount.
× Answer is complete but not entirely correct.
Amount
a. Deduction
(158,000)
b. Deduction
$
3,200,000 ☑
c. Deduction
$
4,750,000 x
d. Deduction
$
1,580,000
< Prev
9 of 20
Next >
Return to question
Transcribed Image Text:TABLE 7.2 MACRS for Business Personalty (Half-Year Convention)
Recovery Period
3-Year
5-Year
7-Year
10-Year
15-Year
20-Year
Year
Depreciation Rate
1
33.33%
20.00%
14.29%
10.00%
5.00%
3.750%
2
44.45
32.00
24.49
18.00
9.50
7.219
3
14.81
19.20
17.49
14.40
8.55
6.677
4
7.41
11.52
12.49
11.52
7.70
6.177
5
11.52
8.93
9.22
6.93
5.713
6
5.76
8.92
7.37
6.23
5.285
7
8.93
6.55
5.90
4.888
8
4.46
6.55
5.90
4.522
9
6.56
5.91
4.462
10
6.55
5.90
4.461
11
3.28
5.91
4.462
12
5.90
4.461
13
5.91
4.462
14
5.90
4.461
15
5.91
4.462
16
2.95
4.461
17
4.462
18
4.461
19
4.462
20
4.461
21
2.231
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