Question
Assume that Timberline Corporation has 2018 taxable income of $282,000 for purposes of computing the §179...
Assume that Timberline Corporation has 2018 taxable income of $282,000 for purposes of computing the §179 expense. It acquired the following assets in 2018: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) a-1. What is the maximum amount of §179 expense Timberline may deduct for 2018? a-2. What is Timberline’s §179 carryforward to 2019, if any?
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Homework Answers
Answer #1
GIVEN DATA:-
Timberline Corporation taxable income =282,000
Computing the expense = 179
Computer equipment (5-year) = 132,000
Furniture (7-year) = 492,000
Copier (5-year) = 72,000
Machinery (7-year) = 522,000.
REQUIRED:-
a:-1 What is the maximum amount of §179 expense Timberline may deduct for 2018?
a:-2 What is Timberline’s §179 carryforward to 2018, if any?
SOLUTION:-
a:- 1.The maximum amount of §179 expense Timberline may deduct for 2018:
a:-2. Timberline’s §179 carryforward to 2018, if any:
Carry forward under section 179 to the year 2018 = 510000 -282000
= 228000$
therefore Carryforward of Timberline Corporation under the section 179 to Year 2018 = $ 228000.
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