None !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 $179 expense.It acquired the following assets in 2023: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5.)AssetFurniture (7-year)Computer equipment (5-year)35Copier (5-year)Machinery (7-year)TotalPurchase DateDecember 1Basis$ 532,000February 28July 15May 22128,00068,000522,000$ 1,250,000cesc. What would Timberline's maximum depreciation deduction be for 2023 if the machinery cost $3,880,000 instead of $522,000 andassuming no bonus depreciation?Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.Maximum Depreciation Deduction (including $179 expense)

Let's proceed with the calculations.To find the depreciation deductions for each asset, we need to…

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SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter17: Property Transactions: § 1231 And Recapture Provisions

Section: Chapter Questions

Problem 38P

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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $260,000 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 Purchase Date December 1 February 28 July 15 May 22 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 Basis $414,000 110,000 50,000 476,000 $ 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?
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 Copier (5-year) Machinery (7-year) July 15 May 22 128,000 68,000 522,000 Total $ 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
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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 422,000 118,000 58,000 452,000 $ 1,050,000 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)
s
! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check m
Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 12 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Basis $ 1,310,000 375,000 490,000 $ 2,175,000 Maximum total depreciation (including §179 expense)
! 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 b. What would Timberline's maximum depreciation deduction be for 2023 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 [The following information applies to the questions displayed below.] AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment office building Total Placed in 1 Service September 12 February 10 April 2 Basis $ 1,530,000 485,000 600,000 $ 2,615,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including §179 expense)
Required information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5.) Asset Machinery Computer equipment office building Total Placed in Service September 12 February 10 April 2 Basis $1,510,000 475,000 590,000 $ 2,575,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including $179 expense)
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