On September 20, 2020 Hugo purchased 5-year equipment costing $1,515,000 for use in his business....
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Accounting
On September 20, 2020 Hugo purchased 5-year equipment costing $1,515,000 for use in his business. No other asset acquisitions were made during the year. Hugo elects to expense the maximum allowed under section 179 but did not claim any bonus depreciation. Hugos net taxable income, before depreciation, is $430,000. Compute the deductible amount of MACRS depreciation and the deductible election to expense amount. What is the amount of carrying forward, if any for the Election to Expense?
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