Uramilaben Required information[The following information applies to the questions displayed below.]Assume that Timberline Corporation has 2023 taxable income of $240,000 for purposes of computing the §179 expense.It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)Purchase DateDecember 1AssetFurniture (7-year)Basis$ 550,000Computer equipment (5-year)February 2890,000Copier (5-year)July 15Machinery (7-year)May 2230,000580,000Total$ 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?Answer is complete but not entirely correct.a-1. Maximum §179 expense$391,181a-2. Maximum §179 carryforward to 2023$ 858,819x

Deductions:A deduction is provided as an expense and can be subtracted from the gross total income…

Assume that Timberline Corporation has 2023 taxable income of $240,000 for purposes of computing the $179 expens 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 July 15 May 22 Basis $ 550,000 90,000 30,000 580,000 $ 1,250,000

Assume that Timberline Corporation has 2023 taxable income of $240,000 for purposes of computing the $179 expens 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 July 15 May 22 Basis $ 550,000 90,000 30,000 580,000 $ 1,250,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 75BPSB

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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.) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 Copier (5-year) Machinery (7-year) July 15 May 22 128,000 68,000 522,000 Total $ 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? a-1. Maximum §179 expense a-2. Maximum $179 carryforward to 2023
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)
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