Chaz Corporation has taxable income in 2021 of $315,000 for purposes of computing the §179 expense and acquired the following assets during the year: AssetPlaced in ServiceBasisOffice furnitureSeptember 12$ 810,000Computer equipmentFebruary 10960,000Delivery truckAugust 2198,000Qualified improvement propertySeptember 301,529,000Total $ 3,397,000 What is the maximum total depreciation deduction that Chaz may deduct in 2021? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Depreciation is the reduction of the fair value of the asset over a period of time. It is the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chaz Corporation has taxable income in 2021 of $315,000 for purposes of computing the §179 expense and acquired the following assets during the year:

Asset	Placed in Service	Basis
Office furniture	September 12	$ 810,000
Computer equipment	February 10	960,000
Delivery truck	August 21	98,000
Qualified improvement property	September 30	1,529,000
Total		$ 3,397,000

What is the maximum total depreciation deduction that Chaz may deduct in 2021? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

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