Assume that Timberline Corporation has 2022 taxable income of $244,000 for purposes of computing the...

50.1K

Verified Solution

Question

Accounting

image
image
image
Assume that Timberline Corporation has 2022 taxable income of $244,000 for purposes of computing the $179 expense, It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3, Table 4 and Table 5) Required: a-1. What is the maximum amount of 5179 expense Timberline may deduct for 2022 ? a-2. What is Timberine's $179 carryforward to 2023 , if any? Assume that Timberline Corporation has 2022 taxable income of $244,000 for purposes of computing the $179 expense. It acquired the following assets in 2022: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) D. 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 Timberine Corporation has 2022 taxable income of $244,000 for purposes of computing the 5179 expense. It acquired the following assets in 2022: (Use MACRS Table 1. Table 2, Table 3. Tabie 4 and Table.5.) What would Timberine's moximum depreciation deduction be for 2022 if the machinery cost $3,540,000 instead of $484,000 and suming no bonus depreciation? ote: Round your intermediate calculations and final answer to the nearest whole dollar amount

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