Homework Answers
| Asset | Original Basis | §179 Depreciation expense | Remaining Basis | Bonus Depreciation 50% | Remaining Basis | MACR Rate | Depreciation expenses |
| Office furniture (7 years) | $781,000.00 | $228,000.00 | $553,000.00 | $276,500.00 | $276,500.00 | 14.29% | $39,511.85 |
| Computer equipment (5 years) | $916,000.00 | $916,000.00 | $458,000.00 | $458,000.00 | 20.00% | $91,600.00 | |
| Delivery truck (5 years) | $58,000.00 | $58,000.00 | $29,000.00 | $29,000.00 | 20.00% | $5,800.00 | |
| Qualified improvement property (100% bonus depreciation) | $1,517,000.00 | $1,517,000.00 | $1,517,000.00 | $0.00 | |||
| Total | $1,755,000.00 | $228,000.00 | $763,500.00 | ||||
| §179 Depreciation expense | $228,000.00 | ||||||
| Total Bonus Depreciation | $763,500.00 | ||||||
| Total Depreciation Expenses | $1,128,411.85 | ||||||
| Chaz will receive the most benefit by applying the §179 amount to the furniture 7year property. | |||||||
| §179 Depreciation expense | |||||||
| Property placed in service (a) | $3,272,000.00 | ||||||
| Threshold for §179 phaseout (b) | $2,500,000.00 | ||||||
| Phaseout of maximum §179 expense (c) | $772,000.00 | ||||||
| Maximum 179 expense before phaseout (d) | $1,000,000.00 | ||||||
| Phaseout of maximum §179 expense (c) | $772,000.00 | ||||||
| Maximum §179 expense after phaseout (d-c) | $228,000.00 | ||||||
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Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the $179 expense...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the $179 expense...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the $179 expense and acquired the following assets during the year. Basis placed in Service September 12 February 10 August 21 Asset Office furniture Computer equipment Delivery truck Qualified improvement property Total $ 781,000 916,000 58.000 September 30 1,517,00 $ 3,272, What is the maximum total depreciation deduction that Chaz may deduct in 2019? (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the 5179 expense...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the 5179 expense and acquired the following assets during the year, Asset Office furniture Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 5 February 10 August 21 September 301 Basis 781,600 916,000 58,000 ,517,000 $ 3,272,000 What is the maximum total depreciation deduction that Chaz may deduct in 2019? (Use MACRS Table 1 Table 2. Table 3. Table 4 and Table 5.)...
Check my w Part 1 of 2 Required information [The following information applies to the questions...
Check my w Part 1 of 2 Required information [The following information applies to the questions displayed below.) 10 points AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Skipped eBook Print Asset Machinery Computer equipment Office building Total Placed in Service Basis September 12 $1,550,000 February 10 365,000 April 2 480,000 $2,395,000...
Required information (The following information applies to the questions displayed below.) points Skippe...
Required information (The following information applies to the questions displayed below.) points Skipped Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2, Table 3. Table 4 and Table 5.) eBook Print References Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,000 263,000 880,000 $3,413,000 a. What is the maximum...
Part 3 of 4 Required information (The following information applies to the questions displayed below.] Dain's...
Part 3 of 4 Required information (The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. points Skipped Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 90,000 95,000 220,000 eBook Print References Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1. Table 2, Table...
Required information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2019...
Required information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,420,000 430,000 545,000 $2,395,000 a. What is the maximum amount of $179 expense AMP may deduct...
Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has...
Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has 2019 taxable income of $256,000 for purposes of computing the S179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Purchase Asset Date Basis Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) December 1 $ 466,eee February 28 106, еее July 15 May 22 46,eee 496,eee $1,114,eee Total Required: a-1....
The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable...
The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business (Use MACRS Table 1 Table 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations....
Required information [The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar-year-end)...
Required information [The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,270,000 263,000 880,000 $ 3,413,000 b. What is the maximum total depreciation, including...
Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship)...
Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the $179 expense and acquired the following assets during the year. Basis placed in Service September 12 February 10 August 21 Asset Office furniture Computer equipment Delivery truck Qualified improvement property Total $ 781,000 916,000 58.000 September 30 1,517,00 $ 3,272, What is the maximum total depreciation deduction that Chaz may deduct in 2019? (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)...
Chaz Corporation has taxable income in 2019 of $406,000 for purposes of computing the 5179 expense and acquired the following assets during the year, Asset Office furniture Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 5 February 10 August 21 September 301 Basis 781,600 916,000 58,000 ,517,000 $ 3,272,000 What is the maximum total depreciation deduction that Chaz may deduct in 2019? (Use MACRS Table 1 Table 2. Table 3. Table 4 and Table 5.)...
Check my w Part 1 of 2 Required information [The following information applies to the questions displayed below.) 10 points AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Skipped eBook Print Asset Machinery Computer equipment Office building Total Placed in Service Basis September 12 $1,550,000 February 10 365,000 April 2 480,000 $2,395,000...
Required information (The following information applies to the questions displayed below.) points Skipped Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2, Table 3. Table 4 and Table 5.) eBook Print References Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,000 263,000 880,000 $3,413,000 a. What is the maximum...
Part 3 of 4 Required information (The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. points Skipped Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 90,000 95,000 220,000 eBook Print References Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1. Table 2, Table...
Required information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,420,000 430,000 545,000 $2,395,000 a. What is the maximum amount of $179 expense AMP may deduct...
Required information The following information applies to the questions displayed below] Assume that Timberline Corporation has 2019 taxable income of $256,000 for purposes of computing the S179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Purchase Asset Date Basis Furniture (7-year) Computer equipment (5- year) Copier (5-year) Machinery (7-year) December 1 $ 466,eee February 28 106, еее July 15 May 22 46,eee 496,eee $1,114,eee Total Required: a-1....
The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business (Use MACRS Table 1 Table 2. Table 3. Table 4 and Table 5) (Do not round intermediate calculations....
Required information [The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $650,000 for purposes of computing the $179 expense. The company acquired the following assets during 2019: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,270,000 263,000 880,000 $ 3,413,000 b. What is the maximum total depreciation, including...
Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round...
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