Please don't provide answer in image format thank you Crouch LLC placed in service on May 19, 2019, machinery and equipment (seven-year property) with a basis of$3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciationdeduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.)Multiple Choice$457,280.$370,000.$774,407$1,020,000.None of the choices are correct. Lenter LLC placed in service on April 29, 2019, machinery and equipment (seven-year property) with a basis of$1,600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciationdeduction including §179 expensing (but ignoring bonus expensing). (Use MACRS Table 1.)Multiple ChoiceO $228.640$1,020,000.$1,102,882.$1,228,640.None of the choices are correct.

As per section 179, a business owner is permitted to charge the immediate depreciation on the assets…

Crouch LLC placed in service on May 19, 2019, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including $179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1)

Crouch LLC placed in service on May 19, 2019, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including $179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 25P

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Hunter Company purchased a light truck on January 2, 2019 for 18,000. The truck, which will be used for deliveries, has the following characteristics: Estimated life: 5 years Estimated residual value: 3,000 Depreciation method for financial statements: straight-line method Depreciation for income tax purposes: MACRS (3-year life) From 2019 through 2023, each year, Hunter had sales of 100,000, cost of goods sold of 60,000, and operating expenses (excluding depreciation) of 15,000. The truck was disposed of on December 31, 2023, for 2,000. Required: 1. Prepare an income statement for financial reporting through pretax accounting income for each of the 5 years, 2019 through 2023. 2. Prepare, instead, an income statement for income tax purposes through taxable income for each of the 5 years, 2019 through 2023. 3. Compare the total income for all 5 years under Requirements 1 and 2.
Lenter LLC placed in service on April 29, 2023, machinery and equipment (seven-year property) with a basis of $1,600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus expensing). (Use MACRS Table 1.) Multiple Choice O $228,640 O $1,080,000 $1,160,000 $1,222,876 O None of the choices are correct.
Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has 16 sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) (Round final answer to the nearest whole number.) Multiple Choice $1,050,000 $498,864 $467,426 $666,926 None of the choices are correct.
Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000 None of the choices are correct.