Assume that Timberline Corporation has 2020 taxable income of $268,000 for purposes of computing the...
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Accounting
Assume that Timberline Corporation has 2020 taxable income of $268,000 for purposes of computing the 179 expense. It acquired the following assets in 2020:
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year:
Date Placed
Original
Asset
in Service
Basis
Machinery
October 25
$
82,000
Computer equipment
February 3
19,000
Used delivery truck*
August 17
32,000
Furniture
April 22
165,000
*The delivery truck is not a luxury automobile.
b. What is the allowable depreciation on Evergreens property in the current year if Evergreen does not elect out of bonus depreciation?
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