Assume FTN Corporation (calendar year end) has 2020 taxable income of $500,000 for purposes of...
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Accounting
Assume FTN Corporation (calendar year end) has 2020 taxable income of $500,000 for purposes of computing the 179 expense. During 2020, FTN acquired the following assets:
| Asset |
| Placed in Service | Basis |
| Machinery | August 12 | $2,550,000 | |
| Computer Equipment | February 10 | 365,000 | |
| Office Furniture | April 2 | 480,000 | |
Determine FTNs maximum cost recovery under the following situations:
(a) FTN opts out of bonus depreciation but elects 179
| Total Maximum Cost Recovery for 2020 |
|
(b) FTN does NOT opt out of bonus depreciation.
| Total Maximum Cost Recovery for 2020 |
|
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