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Problem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year:         Placed in     Asset Service   Basis Office furniture September 12 $ 761,000 Computer equipment February 10   920,000 Delivery truck August 21   60,000 Qualified improvement property September 30   1,521,000 Total   $ 3,262,000     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.)

Problem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year:         Placed in     Asset Service   Basis Office furniture September 12 $ 761,000 Computer equipment February 10   920,000 Delivery truck August 21   60,000 Qualified improvement property September 30   1,521,000 Total   $ 3,262,000     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.)

FINANCIAL ACCOUNTING
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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Problem 10-61 (LO 10-2, LO 10-3) (Algo)

Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year:

 

 

 

  Placed in    
Asset Service   Basis
Office furniture September 12 $ 761,000
Computer equipment February 10   920,000
Delivery truck August 21   60,000
Qualified improvement property September 30   1,521,000
Total   $ 3,262,000

 

 

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.)

 

    

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