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

Question

Question

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Sec 179 facilitates to immediately write off assets acquired instead of capitalizing and depreciatin over a period of time.

There is a limit of $ 1040000 for year 2020 but the total deduction cannot exced the net Inicome meaning one cannot take deductions exceeding the Net INcome

Following the above principal in the current case the maximum depreciation under 179 will be limited to $ 312000

Add a comment

Answer 2

Similar Homework Help Questions

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

QUESTION 10 Chaz Corporation has taxable income in 2020 of $312,000 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 February 10 August 21 September 30 Basis $780,000 930,000 68,000 1.520.000 $3,298,000 What is the maximum total depreciation that Chaz may deduct in 20207 QUESTION 11 2 pc Acom Construction (calendar year end C-corporation) has had rapid expansion...
QUESTION 10 Chaz Corporation has taxable income in 2020 of 5312,000 for purposes of computing the...

QUESTION 10 Chaz Corporation has taxable income in 2020 of 5312,000 for purposes of computing the 5179 expense and acquired the following assets during the year Basis $780.000 Asset Office furniture Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 February 10 August 21 September 30 930,000 68,000 1.490.000 $3.268,000 What is the maximum total depreciation that Chazmay deduct in 20207 QUESTION 11 Acor Construction (calendar year end corporation has had rapid expansion during the last...
Chaz Corporation has taxable income in 2019 of $348,000 for purposes of computing the §179 expense...

Chaz Corporation has taxable income in 2019 of $348,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Service Basis Office furniture September 12 $ 741,000 Computer equipment February 10 924,000 Delivery truck August 21 62,000 Qualified improvement property September 30 1,525,000 Total $ 3,252,000 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.)...

Chaz Corporation has taxable income in 2020 of $426,000 for purposes of computing the $179 expense...

Chaz Corporation has taxable income in 2020 of $426,000 for purposes of computing the $179 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 February 10 August 21 September 30 Basis 781, 000 910,000 55,000 1, 511, 000 $ 3, 257,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table...
Any help is appreciated! Chaz Corporation has taxable income in 2020 of $376,000 for purposes of...

Any help is appreciated! Chaz Corporation has taxable income in 2020 of $376,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Service Basis Office furniture September 12 $ 671,000 Computer equipment February 10 938,000 Delivery truck August 21 69,000 Qualified improvement property September 30 1,539,000 Total $ 3,217,000 1. What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3,...
Problem 10-61 (LO 10-2, LO 10-3) Chaz Corporation has taxable income in 2019 of $478,000 for...

Problem 10-61 (LO 10-2, LO 10-3) Chaz Corporation has taxable income in 2019 of $478,000 for purposes of computing the $179 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 February 10 August 21 September 30 Basis 781,000 902,000 51,000 1,503,000 $ 3,237,000 What is the maximum total depreciation deduction that Chaz may deduct in 2019? (Use MACRS Table 1. Table 2. Table...

Assume that Sivart Corporation has 2019 taxable income of $1,750,000 for purposes of computing the §179...

Assume that Sivart Corporation has 2019 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery June 12 $ 1,440,000 Computer equipment February 10 70,000 Delivery Truck-used August 21 93,000 Furniture April 2 310,000 Total $ 1,913,000 a. What is the maximum amount...
Question 10 O out of 2 points Chat Corporation has table income in 2020 of 5312,000...

Question 10 O out of 2 points Chat Corporation has table income in 2020 of 5312,000 for purposes of computing the 5179 expense and acquired the following assets during the year: Asset Placed in Service Basis Office furniture 5780,000 990,000 Computer equipment Delivery truck Qualified improvement property Total September 12 February 10 August 21 September 30 68,000 1.499.000 $3.268.000 What is the maimum total depreciation that Chat may deductin 20207 Selected Answer INore Giver Question 11 O out of 2...
Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $654,000 for purposes of computing the...

Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $654,000 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.) Placed in Asset Service Basis Machinery September 12 $ 2,270,500 Computer equipment February 10 263,650 Furniture April 2 880,850 Total $ 3,415,000 a. What is the maximum amount of §179 expense TDW may deduct for 2019?

Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $652,000 for purposes of computing the...

Assume that TDW Corporation (calendar-year-end) has 2019 taxable income of $652,000 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.) Placed in Asset Service Basis Machinery September 12 $ 2,270,250 Computer equipment February 10 263,325 Furniture April 2 880,425 Total $ 3,414,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2019 on the assets...

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

Homework Answers