Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assume that acw corporation has 2020 taxable incom

Assume that ACW Corporation has 2020 taxable income of $1760,000 for...

70.2K

Verified Solution

Question

Accounting

image
Assume that ACW Corporation has 2020 taxable income of $1760,000 for purposes of computing the 5179 expense. The company acquired the following assets during 2020 Assume CARES Act applies (assume no bonus depreciation) (Use MACRS Table 1. Table 2 and Table 5) Asset Machinery Computer equipment Delivery truck Qualified improvement property Total Placed in Service 12-Sep 10-Feb 21 - Aug 2-Apr tasis $ 496.000 96,000 119,00 1,406, $2,117,000 a. What is the maximum amount of 5179 expense ACW may deduct for 2020? b. What is the maximum total depreciation that ACW may deduct in 2020 on the assets it placed in service in 2020? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a Maximum 5179 expense for 2020 Maximum total deductible depreciation for 2020 b

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Lancer, Inc. (a U.S.-based company), establishes a subsidiary ina foreign country on January 1,...

Statistics
1.2K views

A university lecturer in History hypothesizes that more time studying predicts better exam performance. Before the...

Medical Sciences
1.2K views

c) skeletal muscle contraction: explain the role of Ca2+ in the development of a twitch and...

Accounting
1.2K views

Air North has the following balance as of today: Bond coupon rate=8%; coupon payment annual;                                          ($million) Remaining term to maturity= 15 years...

Civil Engineering
1.2K views

Shown below are the results of water quality analyses of a groundwater source. Because all of...

General Management
1.2K views

Q. Analyze critically that under what circumstances might a company want to use Supply Chain Services in...

Basic Math
1.2K views

2 Johan earns 1300 00 per bi weekly pay period He also receives a 100...

Basic Math
1.2K views

A large chocolate bar has a base area of 55 62 square feet and its...

Algebra
1.2K views

Select all that are True.The Law of Sines works for most triangles but not for...

Algebra
1.2K views

4 The population of a school is 800 students and is increasing at a rate...

Accounting
1.2K views

Kessler Service anticipates the following sales revenue over a five month period: (Click the icon...

Accounting
1.2K views

Ruses troolean logic. What is not a possible value? TRUE NA NaN FALSE