Problem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Service Basis Office furniture September 12 $ 761,000 Computer equipment February 10 920,000 Delivery truck August 21 60,000 Qualified improvement property September 30 1,521,000 Total $ 3,262,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (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.)
Problem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year: Placed in Asset Service Basis Office furniture September 12 $ 761,000 Computer equipment February 10 920,000 Delivery truck August 21 60,000 Qualified improvement property September 30 1,521,000 Total $ 3,262,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (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.)
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 4BCRQ
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Problem 10-61 (LO 10-2, LO 10-3) (Algo)
Chaz Corporation has taxable income in 2020 of $361,000 for purposes of computing the §179 expense and acquired the following assets during the year:
| Placed in | |||
| Asset | Service | Basis | |
| Office furniture | September 12 | $ | 761,000 |
| Computer equipment | February 10 | 920,000 | |
| Delivery truck | August 21 | 60,000 | |
| Qualified improvement property | September 30 | 1,521,000 | |
| Total | $ | 3,262,000 | |
|
|
What is the maximum total
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