Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Date Asset Drill bits (5-year) Drill bits (5-year) 25-Jan Original Basis $ 91,800 96,800 256,000 25-Jul Commercial building. 22-Apr Assume its taxable income for the year was $71,000 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) What is the maximum amount of §179 expense Dain's may deduct for the year? §179 expense
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Purchase Date Asset Drill bits (5-year) Drill bits (5-year) 25-Jan Original Basis $ 91,800 96,800 256,000 25-Jul Commercial building. 22-Apr Assume its taxable income for the year was $71,000 for purposes of computing the §179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) What is the maximum amount of §179 expense Dain's may deduct for the year? §179 expense
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 62P
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