Jeremiah owns a ship building business in Fort Myers, FL. He has purchased heavy machinery for $875,000 in March 2023. The machinery is the only asset that was purchased in 2023. (a) Your answer is correct. What is Jeremiah's available depreciation deduction in 2023 under Section 179? Assume that Jeremiah elects out of using bonus depreciation for 7-year property. (If answer is zero, please enter O, do not leave any fields blank.) Deduction $ 875000 eTextbook and Media Attempts: 1 of 2 used (b) How would your answer change if Jeremiah paid $2,900,000 for the machinery? (If answer is zero, please enter O, do not leave any fields blank.) Deduction $
Jeremiah owns a ship building business in Fort Myers, FL. He has purchased heavy machinery for $875,000 in March 2023. The machinery is the only asset that was purchased in 2023. (a) Your answer is correct. What is Jeremiah's available depreciation deduction in 2023 under Section 179? Assume that Jeremiah elects out of using bonus depreciation for 7-year property. (If answer is zero, please enter O, do not leave any fields blank.) Deduction $ 875000 eTextbook and Media Attempts: 1 of 2 used (b) How would your answer change if Jeremiah paid $2,900,000 for the machinery? (If answer is zero, please enter O, do not leave any fields blank.) Deduction $
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 4MCQ: James purchased office equipment for his business. The equipment has a depreciable basis of $7,000...
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Transcribed Image Text:Jeremiah owns a ship building business in Fort Myers, FL. He has purchased heavy machinery for $875,000 in March 2023. The
machinery is the only asset that was purchased in 2023.
(a)
Your answer is correct.
What is Jeremiah's available depreciation deduction in 2023 under Section 179? Assume that Jeremiah elects out of using bonus
depreciation for 7-year property. (If answer is zero, please enter O, do not leave any fields blank.)
Deduction $
875000
(b)
eTextbook and Media
Attempts: 1 of 2 used
How would your answer change if Jeremiah paid $2,900,000 for the machinery? (If answer is zero, please enter O, do not leave any
fields blank.)
Deduction
$
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