Assume that Timberline Corporation has 2021 taxable income of $240,000 for purposes of computing the...
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Accounting
Assume that Timberline Corporation has 2021 taxable income of $240,000 for purposes of computing the 179 expense. It acquired the following assets in 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Asset
Purchase Date
Basis
Furniture (7-year)
December 1
$ 450,000
Computer equipment (5-year)
February 28
90,000
Copier (5-year)
July 15
30,000
Machinery (7-year)
May 22
480,000
Total
$ 1,050,000
b. What would Timberlines maximum depreciation deduction be for 2021 assuming no bonus depreciation?
c. What would Timberlines maximum depreciation deduction be for 2021 if the machinery cost $3,500,000 instead of $480,000 and assuming no bonus depreciation?
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