Woolard Inc. has taxable income in 2017 of $150,000 before any depreciation dedu

Question

Woolard Inc. has taxable income in 2017 of $150,000 before any depreciation deductions (5179, bonus, or MACRS) and acquired the following assets during the year: (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.) Placed In Asset serviceBasis Office furniture (used March 20 600,000 b. If Woolard elects the maximum amount of 5179 for the year, what is the amount of deductible §179 expense for the year? what is the total depreciation expense that Woolard may deduct in 2017? What is Woolard's 5179 carryfoward amount to next year, if any? Answer is complete but not entirely correct. Deductible $179 35,710 150,000? 364,290 Total depreciation ex Se $179 carryforward

Explanation / Answer

Answer

no particulars amount 1 property placed in service 570000 2 therehold of 179 phase out 2000000 3 phase out of maximum 179 expences 0 4 maximum 179 expences before phase out 50000 5 phase out of maximum 179 expences 0 6 maximum 179 expences before phase out 50000 7 remaining basis in furniture 70000 8 MACRS depreciation rate 14.29% 9 MACRS depreciation 10003 10 179 taxable income limitation 139997 11 maximum deductable 179 expences 139997 12 excess 179 exopences carry forward 360003 13 total depreciation expense 150000

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.