Woolard Supplies (a sole proprietorship) has taxable income in 2023 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: Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) -lem 10-62 Part b (Static) Placed In Service March 20 Basis $ 1,200,000 Voolard elects the maximum amount of §179 for the year, what is the amount of deductible §179 expense for the year? What is t lepreciation that Woolard may deduct in 2023? What is Woolard's §179 carryforward amount to next year, if any?
Woolard Supplies (a sole proprietorship) has taxable income in 2023 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: Round your intermediate calculations and final answers to the nearest whole dollar amount. Asset Office furniture (used) -lem 10-62 Part b (Static) Placed In Service March 20 Basis $ 1,200,000 Voolard elects the maximum amount of §179 for the year, what is the amount of deductible §179 expense for the year? What is t lepreciation that Woolard may deduct in 2023? What is Woolard's §179 carryforward amount to next year, if any?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Woolard Supplies (a sole proprietorship) has taxable income in 2023 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: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Asset
Office furniture (used)
Problem 10-62 Part b (Static)
Placed In
Service
March 20
Basis
$ 1,200,000
b. If Woolard elects the maximum amount of §179 for the year, what is the amount of deductible §179 expense for the year? What is the
total depreciation that Woolard may deduct in 2023? What is Woolard's §179 carryforward amount to next year, if any?
X Answer is complete but not entirely correct.
Deductible $179 expense
$ 211,420 X
Total depreciation deduction
$
240,000
§179 carryforward
$
788,580 X
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