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Woolard Supplies (a sole proprietorship) has taxable income in 2021 of $300,000 before any depreciation deductions (Sect
Posted: Sun Apr 10, 2022 8:27 am
by answerhappygod
- Woolard Supplies A Sole Proprietorship Has Taxable Income In 2021 Of 300 000 Before Any Depreciation Deductions Sect 1 (45.87 KiB) Viewed 33 times
Woolard Supplies (a sole proprietorship) has taxable income in 2021 of $300,000 before any depreciation deductions (Section 179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. Asset Placed in Service June 5 Basis $1,300,000 Office furniture (used) If Woolard elects the maximum amount of Section 179 for the year: a. What is the amount of MACRS depreciation expense for the year? (3 points) b. What is the amount of deductible Section 179 expense for the year? (3 points) c. What is Woolard's Section 179 carryforward amount to next year, if any? (3 points)