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Assume that Timberline Corporation has 2021 taxable income of $252,000 for purposes of...

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Accounting

Assume that Timberline Corporation has 2021 taxable income of $252,000 for purposes of computing the 179 expense. It acquired the following assets in 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

Asset Purchase Date Basis
Furniture (7-year) December 1 $ 414,000
Computer equipment (5-year) February 28 102,000
Copier (5-year) July 15 42,000
Machinery (7-year) May 22 492,000
Total $ 1,050,000

Required:

  1. a-1. What is the maximum amount of 179 expense Timberline may deduct for 2021?

  2. a-2. What is Timberlines 179 carryforward to 2022, if any?

b. What would Timberlines maximum depreciation deduction be for 2021 assuming no bonus depreciation?

c. What would Timberlines maximum depreciation deduction be for 2021 if the machinery cost $3,620,000 instead of $492,000 and assuming no bonus depreciation?

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