Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 exper It acquired the following assets in 2022: Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 422,000 118,000 Maximum Depreciation Deduction (including §179 expense) 58,000 452,000 $ 1,050,000 b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Required information [The following information applies to the questions displayed below.] Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 exper It acquired the following assets in 2022: Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 422,000 118,000 Maximum Depreciation Deduction (including §179 expense) 58,000 452,000 $ 1,050,000 b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation? Note: 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
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 7CE
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![Required information
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 expense.
It acquired the following assets in 2022:
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
Purchase Date
December 1
February 28
July 15
May 22
Basis
$ 422,000
118,000
58,000
452,000
$ 1,050,000
b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including §179 expense)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7093ecba-b133-4717-8763-cf52fea08762%2Ff087ffa0-c96f-49e5-87e2-4ff5c0ca8fc8%2F4l2rzti_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Assume that Timberline Corporation has 2022 taxable income of $268,000 for purposes of computing the §179 expense.
It acquired the following assets in 2022:
Asset
Furniture (7-year)
Computer equipment (5-year)
Copier (5-year)
Machinery (7-year)
Total
Purchase Date
December 1
February 28
July 15
May 22
Basis
$ 422,000
118,000
58,000
452,000
$ 1,050,000
b. What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Maximum Depreciation Deduction (including §179 expense)
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