Woolard Inc has taxable income in 2017 of 150000 before any

Woolard Inc. has taxable income in 2017 of $150,000 before any depreciation deductions (5179, bonus, or MACRS) and acquired the following assets during the year: (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.) Placed In Asset serviceBasis Office furniture (used March 20 600,000 b. If Woolard elects the maximum amount of 5179 for the year, what is the amount of deductible §179 expense for the year? what is the total depreciation expense that Woolard may deduct in 2017? What is Woolard\'s 5179 carryfoward amount to next year, if any? Answer is complete but not entirely correct. Deductible $179 35,710 150,000? 364,290 Total depreciation ex Se $179 carryforward

Solution

Answer

no	particulars	amount
1	property placed in service	570000
2	therehold of 179 phase out	2000000
3	phase out of maximum 179 expences	0
4	maximum 179 expences before phase out	50000
5	phase out of maximum 179 expences	0
6	maximum 179 expences before phase out	50000
7	remaining basis in furniture	70000
8	MACRS depreciation rate	14.29%
9	MACRS depreciation	10003
10	179 taxable income limitation	139997
11	maximum deductable 179 expences	139997
12	excess 179 exopences carry forward	360003
13	total depreciation expense	150000