None Required information[The following information applies to the questions displayed below]Assume that Timberline Corporation has 2023 taxable Income of $278,000 for purposes of computing the $179 expense.It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3, Table 4. and Table 5)Furniture (7-year)AssetPurchase DateDecember 1Basis$ 532,000Computer equipment (5-year)February 28128,000Copier (5-year)Machinery (7-year)TotalJuly 15May 2268,000522,000$ 1,250,000Required:a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023?a-2. What is Timberline's §179 carryforward to 2024, if any?a-1. Maximum $179 expensea-2. Maximum $179 carryforward to 2023

Applying the Approach:Asset Purchase Date Basis §179 Deduction (Claimed…

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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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Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 422,000 118,000 58,000 452,000 $ 1,050,000 b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including §179 expense)
Required information [The following information applies to the questions displayed below] AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2022, 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 101 April 2 $1,550,000 365,000 480,000 $ 2,395,000 b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including 5179 expenso)
Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5) Asset Machinery Computer equipment Placed in Service September 12 February 10 Basis $ 1,340,000 Office building Total April 2 390,000 505,000 $ 2,235,000 a. What is the maximum amount of $179 expense AMP may deduct for 2023? Maximum §179 expense deductible
Assume that Timberline Corporation has 2023 taxable income of $248,000 for purposes of computing the §179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part a (Algo) Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? $ 1,050,000 $ Basis $ 526,000 98,000 38,000 588,000 $ 1,250,000 0
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,560,000 instead of $486,000 and assuming no bonus depreciation?
Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $260,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 Basis $414,000 110,000 50,000 476,000 $ 1,050,000 Required: a-1. What is the maximum amount of §179 expense Timberline may deduct for 2022? a-2. What is Timberline's §179 carryforward to 2023, if any?
Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2023, 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 12 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Basis $ 1,310,000 375,000 490,000 $ 2,175,000 Maximum total depreciation (including §179 expense)
! Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2023 taxable income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5.) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 128,000 Copier (5-year) Machinery (7-year) Total July 15 May 22 68,000 522,000 $ 1,250,000 b. What would Timberline's maximum depreciation deduction be for 2023 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense)
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, 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 1 Service September 12 February 10 April 2 Basis $ 1,530,000 485,000 600,000 $ 2,615,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including §179 expense)
Required information [The following information applies to the questions displayed below.) Assume that Timberline Corporation has 2021 taxable income of $262,000 for purposes of computing the 8179 expense. It acquired the following assets in 2021 (Use MACRS Table 1. Iable 2. Table 3. Toble 4 and Table 5) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Purchase Date December 1 February 28 July 15 May 22 Basis $ 416,000 112,000 52,000 470,000 $ 1,050,000 Total b. What would Timberline's maximum depreciation deduction be for 2021 assuming no bonus depreciation? (Round your intermediete calculations and final answer to the nearest whole doller amount.) Maximum Depreciation Deduction (ncluding 5170 expense)
! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (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 $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check m

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