QUESTION 10 Chaz Corporation has taxable income in 2020 of $312,000 for purposes of computing the...

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Answer 1

Answer #1

1) Answer is 2126771.

% Half year conversion will be used $ 100% Quarter Assets Amount 179Ded Balance Bonus dep Balance Life 3rd Office furniture 7

2)

Asset	Original Basis	Bonus Depreciation	Remaining Basis	MACRS Rate	Depreciation Deduction
New Equipment and tools	$1650000	$1650000	$0	14.29%	$235785
Used Light duty trucks	$1500000	$0	$1500000	20%	$300000
Used Machinery	$525000	$0	$525000	14.29%	$75023
Bonus Depreciation					$1650000
Total					$2260808

- The total cost recovery deduction is the total depreciation deduction i.e., $2260808

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