! 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.] 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F40427c54-70b1-4a9b-b30a-1409ba5b8a85%2F0dbdac7b-0128-4c0a-bb68-67cb52783834%2F12vbi8a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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)
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