Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2020 taxable income of $1,750,000 for purposes of computing the $179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Service Asset Machinery Computer equipment Delivery Truck-used Furniture Total June 12 February 10 August 21 April 2 Basis $ 1,440,000 70,000 93,000 310,000 $ 1,913,000 b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2020 on the assets it placed in service in 2020? Maximum total depreciation deduction (including $179 expense)
Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2020 taxable income of $1,750,000 for purposes of computing the $179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Service Asset Machinery Computer equipment Delivery Truck-used Furniture Total June 12 February 10 August 21 April 2 Basis $ 1,440,000 70,000 93,000 310,000 $ 1,913,000 b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2020 on the assets it placed in service in 2020? Maximum total 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 Sivart Corporation has 2020 taxable income of $1,750,000 for purposes of computing the $179 expense and
acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS
Table 1, Table 2. Table 3, Table 4 and Table 5.)
Placed in
Service
Basis
Asset
Machinery
Computer equipment
Delivery Truck-used
Furniture
Total
June 12
February 10
August 21
April 2
$ 1,440,000
70,000
93,000
310,000
$ 1,913,000
b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2020 on the assets it placed in service in
2020?
Maximum total depreciation deduction (including $179 expense)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ccdcf79-78d2-4137-a0b2-392ece22d1a5%2Ffb931b29-160e-4b0d-ad49-eded57da2979%2Fs2fpklg_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Assume that Sivart Corporation has 2020 taxable income of $1,750,000 for purposes of computing the $179 expense and
acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS
Table 1, Table 2. Table 3, Table 4 and Table 5.)
Placed in
Service
Basis
Asset
Machinery
Computer equipment
Delivery Truck-used
Furniture
Total
June 12
February 10
August 21
April 2
$ 1,440,000
70,000
93,000
310,000
$ 1,913,000
b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2020 on the assets it placed in service in
2020?
Maximum total depreciation deduction (including $179 expense)
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