Problem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2021 of $316,600 for purposes of computing the $179 expense and acquired the assets during the year: Asset office furniture Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 February 10 August 21 September 30 Basis $ 826,000 976,000 114,000 1,545,000 $ 3,461,000
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- Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Delivery Truck-used Furniture Total Placed in Service June 12 February 10 August 21 April 2 Basis $ 1,440,000 70,000 93,000 310,000 $ 1,913,000 b. What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023?Problem 10-60 (LO 10-2, LO 10-3) (Algo) Assume that ACW Corporation has 2021 taxable income of $1,680,000 for purposes of computing the $179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Machinery Asset Computer equipment Delivery truck Qualified improvement property Total Placed in Service 12-Sep Basis $ 488,000 10-Feb 21-Aug 02-Apr 88,000 111,000 1,398,000 $ 2,085,000 a. What is the maximum amount of $179 expense ACW may deduct for 2021? b. What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. a. Maximum §$179 expense for 2021 $ 1,050,000 b. Maximum total deductible depreciation for 2021 $ 1,166,263 xProblem 10-61 (LO 10-2, LO 10-3) (Algo) Chaz Corporation has taxable income in 2023 of $1,313,200 for purposes of computing the §179 expense and acquired the following assets during the year: Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximum total depreciation deduction Basis $ 828,000 978,000 116,000 1,547,000 $ 3,469,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
- 1 Assume that ACW Corporation has 2021 taxable income of $1,940,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Placed in Service Basis Machinery 12-Sep $ 514,000 Computer equipment 10-Feb 114,000 Delivery truck 21-Aug 137,000 Qualified improvement property 02-Apr 1,424,000 Total $ 2,189,000 What is the maximum amount of §179 expense ACW may deduct for 2021? What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)Assume that ACW Corporation has 2021 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified improvement property Total Placed in Service September 12 February 10 August 21 April 2 Basis $ 470,000 70,000 93,000 a. Maximum §179 expense for 2021 b. Maximum total deductible depreciation for 2021 1,380,000 $ 2,013,000 a. What is the maximum amount of §179 expense ACW may deduct for 2021? b. What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)Assume that ACW Corporation has 2023 taxable income of $1,820,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Placed in Service 12-September 10-February Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total Asset Machinery Computer equipment a. What is the maximum amount of $179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 502,000 102,000 125,000 1,412,000 $ 2,141,000 $ $ 1,160,000 1,304,408 X
- Assume that Sivart Corporation has 2023 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Placed in Service Basis Machinery June 12 $ 1,440,000 Computer equipment February 10 70,000 Delivery Truck—used August 21 93,000 Furniture April 2 310,000 Total $ 1,913,000 b. What is the maximum total depreciation (§179, bonus, MACRS) that Sivart may deduct in 2023 on the assets it placed in service in 2023?Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April Basis $ 482,000 82,000 105,000 1,392,000 $ 2,061,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. X Answer is complete but not entirely correct. $ $ a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 1,160,000 219,581 XAssume that Sivart Corporation has 2022 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery June 12 $ 1,440,000 Computer equipment February 10 70,000 Delivery Truck—used August 21 93,000 Furniture April 2 310,000 Total $ 1,913,000 a. What is the maximum amount of §179 expense Sivart may deduct for 2022?
- Assume that ACW Corporation has 2023 taxable income of $1,940,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April a. What is the maximum amount of §179 expense ACW may deduct for 2023? a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 514,000 114,000 137,000 1,424,000 $ 2,189,000 b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.Required information Problem 02-54 (LO 02-2, LO 02-3) (Algo) Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck* Furniture Total Date Placed in Service October 25 February 3 March 17 April 22 Problem 02-54 Part b (Algo) MACRS depreciation Original Basis *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $560,000. $ 96,000 36,000 49,000 176,000 $ 357,000 b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount.Assume that ACW Corporation has 2023 taxable income of $1,880,000 for purposes of computing the $179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Placed in Service Basis Machinery 12-September $ 508,000 Computer equipment 10-February 108,000 Delivery truck 21-August 131,000 Qualified real property (MACRS, 15 year, 02-April 1,418,000 150% DB) Total $ 2,165,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023