Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $252,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total oblem 10-58 Part a (Algo) Purchase Date December 1 February 28 -1. Maximum $179 expense 1-2. Maximum §179 carryforward to 2023 I July 15 May 22 Basis $ 414,000 102,000 42,000 492,000 $ 1,050,000 uired: 1. What is the maximum amount of $179 expense Timberline may deduct for 2022? 2. What is Timberline's §179 carryforward to 2023, if any?
Required information Problem 10-58 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $252,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total oblem 10-58 Part a (Algo) Purchase Date December 1 February 28 -1. Maximum $179 expense 1-2. Maximum §179 carryforward to 2023 I July 15 May 22 Basis $ 414,000 102,000 42,000 492,000 $ 1,050,000 uired: 1. What is the maximum amount of $179 expense Timberline may deduct for 2022? 2. What is Timberline's §179 carryforward to 2023, if any?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ef 85.
Transcribed Image Text:Problem 10-58 Part b (Algo)
b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including $179 expense)
c. What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,620,000 instead of $492,000 and
assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including §179 expense)
![Required information
Problem 10-58 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2022 taxable income of $252,000 for purposes of computing the $179 expense.
It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.)
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
Problem 10-58 Part a (Algo)
Purchase Date
December 1
February 28
a-1. Maximum §179 expense
a-2. Maximum §179 carryforward to 2023
July 15
May 22
Basis
$ 414,000
102,000
42,000
492,000
$ 1,050,000
Required:
a-1. What is the maximum amount of $179 expense Timberline may deduct for 2022?
a-2. What is Timberline's $179 carryforward to 2023, if any?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ffe4388-da54-45b7-9c19-31357d82b14c%2F92239785-9945-4bb5-a18b-50aeaec67d9c%2Fg0epu5j_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 10-58 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2022 taxable income of $252,000 for purposes of computing the $179 expense.
It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5.)
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
Problem 10-58 Part a (Algo)
Purchase Date
December 1
February 28
a-1. Maximum §179 expense
a-2. Maximum §179 carryforward to 2023
July 15
May 22
Basis
$ 414,000
102,000
42,000
492,000
$ 1,050,000
Required:
a-1. What is the maximum amount of $179 expense Timberline may deduct for 2022?
a-2. What is Timberline's $179 carryforward to 2023, if any?
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