! 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.) Asset Furniture (7-year) Computer equipment (5-year) 35 Copier (5-year) Machinery (7-year) Total Purchase Date December 1 Basis $ 532,000 February 28 July 15 May 22 128,000 68,000 522,000 $ 1,250,000 ces c. What would Timberline's maximum depreciation deduction be for 2023 if the machinery cost $3,880,000 instead of $522,000 and assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense)

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 38P
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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.)
Asset
Furniture (7-year)
Computer equipment (5-year)
35
Copier (5-year)
Machinery (7-year)
Total
Purchase Date
December 1
Basis
$ 532,000
February 28
July 15
May 22
128,000
68,000
522,000
$ 1,250,000
ces
c. What would Timberline's maximum depreciation deduction be for 2023 if the machinery cost $3,880,000 instead of $522,000 and
assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including $179 expense)
Transcribed Image Text:! 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.) Asset Furniture (7-year) Computer equipment (5-year) 35 Copier (5-year) Machinery (7-year) Total Purchase Date December 1 Basis $ 532,000 February 28 July 15 May 22 128,000 68,000 522,000 $ 1,250,000 ces c. What would Timberline's maximum depreciation deduction be for 2023 if the machinery cost $3,880,000 instead of $522,000 and assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum Depreciation Deduction (including $179 expense)
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