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Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation...

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Accounting

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 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office furniture (used) March 20 $ 1,191,000 a. If Woolard elects $50,000 of 179, what is Woolards total depreciation deduction for the year?

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