FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
102.
Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2023 taxable income of $242,000 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 Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Basis $ 544,000 92,000 32,000 582,000 $ 1,250,000 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?
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Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2023 taxable income of $242,000 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 Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Basis $ 544,000 92,000 32,000 582,000 $ 1,250,000 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?
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