Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the $179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2. Table 3, Table 4, and Table 5.) Placed in Service Basis Asset Machinery Computer equipment Delivery Truck-used Furniture Total June 12 February 10 $ 1,440,000 70,000 August 21 93,000 April 2 310,000 $ 1,913,000 b. What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of
computing the §179 expense and acquired several assets during the year. Assume the
delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2,
Table 3, Table 4, and Table 5.)
Placed in
Service
Basis
Machinery
Asset
Computer equipment
Delivery Truck-used
Furniture
Total
June 12
February 10
August 21
April 2
$ 1,440,000
70,000
93,000
310,000
$ 1,913,000
b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2023 on the
assets it placed in service in 2023?
Answer is complete but not entirely correct.
Maximum total depreciation deduction (including §179 expense)
$ 1,254,242 x
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Placed in Service Basis Machinery Asset Computer equipment Delivery Truck-used Furniture Total June 12 February 10 August 21 April 2 $ 1,440,000 70,000 93,000 310,000 $ 1,913,000 b. What is the maximum total depreciation ($179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023? Answer is complete but not entirely correct. Maximum total depreciation deduction (including §179 expense) $ 1,254,242 x
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