Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240, 000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office furniture (used) March 20 $ 1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard' s total depreciation deduction for the year?
Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240, 000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office furniture (used) March 20 $ 1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard' s total depreciation deduction for the year?
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 47P
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![Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240, 000 before any
depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into
service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS
Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations.
Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office
furniture (used) March 20 $ 1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard'
s total depreciation deduction for the year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fca75e906-ca39-4fa9-af22-3c418815b502%2F693685f3-04c0-48fb-9130-749b9b45b028%2Fimfiij_processed.png&w=3840&q=75)
Transcribed Image Text:Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240, 000 before any
depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into
service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS
Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations.
Round your answers to the nearest whole dollar amount.) Asset Placed In Service Basis Office
furniture (used) March 20 $ 1,185,000 a. If Woolard elects $50,000 of $179, what is Woolard'
s total depreciation deduction for the year?
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