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Author Question: Everest Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost of $2,022,000. ... (Read 27 times)

casperchen82

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on: Sep 13, 2020
Everest Corp. acquires a machine (seven-year property) on January 10, 2016 at a cost of $2,022,000. Everest makes the election to expense the maximum amount under Sec. 179.
a. Assume that the taxable income from trade or business is $1,500,000. 
 (1) What is the amount of the Section 179 expensing deduction for the current year?
 (2) What is the amount of the Section 179 carryover to the next tax year?
 (3) What is the amount of depreciation allowed?
b. Assume instead that the taxable income from trade or business is $400,000. 
 (1) What is the amount of the Section 179 expensing deduction for the current year?
 (2) What is the amount of the Section 179 carryover to the next tax year?
 (3) What is the amount of depreciation allowed this year?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by casperchen82 on Sep 13, 2020

rleezy04

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Reply #1 on: Sep 13, 2020
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casperchen82

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

dyrone

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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