Required information [The following information applies to the questions displayed below] Assume that Timberline Corporation has 2023 taxable Income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3, Table 4. and Table 5) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 128,000 Copier (5-year) Machinery (7-year) Total July 15 May 22 68,000 522,000 $ 1,250,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? a-1. Maximum $179 expense a-2. Maximum $179 carryforward to 2023
Required information [The following information applies to the questions displayed below] Assume that Timberline Corporation has 2023 taxable Income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3, Table 4. and Table 5) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 128,000 Copier (5-year) Machinery (7-year) Total July 15 May 22 68,000 522,000 $ 1,250,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? a-1. Maximum $179 expense a-2. Maximum $179 carryforward to 2023
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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