Chaz Corporation has taxable income in 2021 of $313,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Service September 12 February 10 August 21 September 30 Asset Office furniture Computer equipment Delivery truck Qualified improvement property Basis $ 790,000 940,000 78,000 1,509,000 $ 3,317,000 Total What is the maximum total depreciation deduction that Chaz may deduct in 2021? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction

A barn that cost $42,000 to construct is placed in service midyear as a 20-year property. What is the MACRS depreciation for year 3? Click the icon to view a table of MACRS rates. The year 3 depreciation is $ (Round to the nearest cent as needed.)

10.5 Effects of Changes in Estimates on Depreciation Expense At the end of each year, Patty Chu, the chief accountant at Rex Lin Enterprises, a Singapore-based trading company, reviews long-term assets at the end of each year to determine whether changes are called for in how these assets are depreciated. In December 2017, her attention focused on two assets in particular: Warehouse Building Date acquired Cost Accumulated depreciation end of 2017 Useful life Residual value 25 years $200,000 $38,000 $225,000 40 years 1,600,000 1/1/13 1/1/12 $10,000 100,000 Patty is proposing the following changes: For the warehouse: a decrease in the useful life to 20 years and a decrease in residual value to $6,000. For the building: an increase in the useful life to 50 years and a decrease in the residual value to $55,000. Before agreeing to the changes, Patty's bosses would like to know what the depreciation charges will be for each asset if the changes are adopted. All assets are depreciated using…

An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $6,110,000 and will be sold for $1,310,000 at the end of the project. If the tax rate is 21 percent, what is the aftertax salvage value of the asset? Refer to Table 8.3. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Aftertax salvage value es ( Prev 7 of 10 Next >