Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) Placed In Service Woolard's total depreciation Basis March 201 $1,194,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year?
Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) Placed In Service Woolard's total depreciation Basis March 201 $1,194,000 a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
998.
![Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
Asset
Office furniture (used)
Deductible $179 expense
Total depreciation deduction
$179 carryforward
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible 5179 expense for the year? What is the
total depreciation that Woolard may deduct in 2022? What is Woolard's 5179 carryforward amount to next year, if any?
Placed In
Service
March 20
Required information
[The following information applies to the questions displayed below.)
Basis
$1,194,000
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.)
Asset
Office furniture (used)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
$179 expense
Placed In
Service
March 20
Basis
$1,194,000
c. Woolard is concerned about future limitations on its $179 expense. How much $179 expense should Woolard expense this year if it
wants to maximize its depreciation this year and avoid any carryover to future years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F876b30a4-9d92-4fe3-8414-9839fcf714ca%2Fad8bc5bd-6666-46e5-ba0b-52b7236449ed%2Fr7o3g1w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
Asset
Office furniture (used)
Deductible $179 expense
Total depreciation deduction
$179 carryforward
b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible 5179 expense for the year? What is the
total depreciation that Woolard may deduct in 2022? What is Woolard's 5179 carryforward amount to next year, if any?
Placed In
Service
March 20
Required information
[The following information applies to the questions displayed below.)
Basis
$1,194,000
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.)
Asset
Office furniture (used)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
$179 expense
Placed In
Service
March 20
Basis
$1,194,000
c. Woolard is concerned about future limitations on its $179 expense. How much $179 expense should Woolard expense this year if it
wants to maximize its depreciation this year and avoid any carryover to future years?
![Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
Asset
Office furniture (used)
Placed In
Service
Basis
March 201 $1,194,000
a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year?
Woolard's total depreciation](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F876b30a4-9d92-4fe3-8414-9839fcf714ca%2Fad8bc5bd-6666-46e5-ba0b-52b7236449ed%2F1pljzvg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Woolard Supplies (a sole proprietorship) has taxable income in 2022 of $240,000 before any depreciation deductions
($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for
bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your intermediate calculations and final answers to the nearest
whole dollar amount.
Asset
Office furniture (used)
Placed In
Service
Basis
March 201 $1,194,000
a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year?
Woolard's total depreciation
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