Required information [The following information applies to the questions displayed be Woolard Supplies (a sole...
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Required information [The following information applies to the questions displayed be Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table Round your answers to the nearest whole dollar amount.) Placed In Service Basis March 20 $1,171,000 Asset office furniture (used) If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the to tal depreciation that Woolard may deduct in 2020? What is Woolard's $179 carryforward amount to next year, if any? 10 < Prev W S 9 10
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