Lenter LLC placed in service on April 29, 2023, machinery and equipment (seven-year property) with a basis of $1,600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus expensing). (Use MACRS Table 1.) Multiple Choice $228,640 O $1,080,000 O $1,160,000 O $1,222,876 O None of the choices are correct.

Lenter LLC placed in service on April 29, 2023, machinery and equipment (seven-year property) with a basis of $1,600,000. Assume that Lenter has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus expensing). (Use MACRS Table 1.) Multiple Choice $228,640 O $1,080,000 O $1,160,000 O $1,222,876 O None of the choices are correct.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 11MCQ

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Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has 16 sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000
Crouch LLC placed in service on May 19, 2021, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $457,280 $470,000 $860,117 $1,050,000 None of the choices are correct.
Frazier LLC placed in service on June 19, 2021 computer equipment (5-year property) with a basis of $2,740,000. Assume that Frazier has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including § 179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.) Multiple Choice $1,292,000 $548,000 $1,050,000 $362,000
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,370,000 on June 6, 2022. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) Note: Round final answer to the nearest whole number. Multiple Choice $1,080,000 $481,573 $422,984 $832,984 None of the choices are correct.
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) (Round final answer to the nearest whole number.) Multiple Choice $1,050,000 $498,864 $467,426 $666,926 None of the choices are correct.
Lenter LLC placed in service on April 29, 2022 machinery and equipment (7-year property) with a basis of $600,000. Assume that Lenter has sufficient Income to avoid any limitations. Calculate the maximum depreciation expense Including section 179 expensing (but Ignoring bonus expensing). Using the 2022 §179 limits. $600,000 $150,000 $120,000 $85,740
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,490,000 on June 6, 2023. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) $1,160,000 $498,721 $927,031 $978,697 None of the choices are correct.
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3.464,500 on June 6, 2020. Assume that Clay has sulficient income to avoid any limitations. Calculate the maximum depreciation expense including 5179 expensing (ignoring any possible bonus depreciation). (Use MACRS Iable 1) (Round finel answer to the nearest whole number.) Muple Choice $1040.000 5495,077 $471427 S66927
Assume that ACW Corporation has 2023 taxable income of $1,620,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service 12-September 10-February 21-August 02-April Basis $ 482,000 82,000 105,000 1,392,000 $ 2,061,000 a. What is the maximum amount of §179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. X Answer is complete but not entirely correct. $ $ a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 1,160,000 219,581 X
Littman LLC placed in service on July 29, 2022, machinery and equipment (seven-year property) with a basis of $600,000. Littman's income for the current year before any depreciation deduction was $100,000. Which of the following statements is true to maximize Littman's total depreciation deduction for 2022? (Use MACRS Table 1.) Multiple Choice O O Littman should take §179 expense equal to the maximum $1,080,000. Littman should take no §179 expense. Littman's §179 expense will be greater than $100,000. Littman's §179 expense will be less than $100,000.
Assume that ACW Corporation has 2022 taxable income of $1,960,000 for purposes of computing the §179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Placed in Service Machinery 12-September Basis $ 516,000 Computer equipment Delivery truck 10-February 21-August 116,000 Qualified real property (MACRS, 15 year, 2-April 150% DB) Total 139,000 1,426,000 $ 2,197,000 a. What is the maximum amount of $179 expense ACW may deduct for 2022? b. What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2022 b. Maximum total deductible depreciation for 2022
Assume that ACW Corporation has 2022 taxable income of $1,520,000 for purposes of computing the §179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck 10-February 21-August Placed in Service 12-September Basis $ 472,000 72,000 Qualified real property (MACRS, 15 year, 150% DB) 2-April Total 95,000 1,382,000 $ 2,021,000 a. What is the maximum amount of §179 expense ACW may deduct for 2022? b. What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2022 b. Maximum total deductible depreciation for 2022