Assume that Timberline Corporation has 2019 taxable income of $274,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)     Purchase     Asset Date   Basis Furniture (7-year) December 1 $ 484,000 Computer equipment (5-year) February 28   124,000 Copier (5-year) July 15   64,000 Machinery (7-year) May 22   514,000 Total   $ 1,186,000       a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019? a-2. What is Timberline’s §179 carryforward to 2020, if any

Assume that Timberline Corporation has 2019 taxable income of $274,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

 

  Purchase    
Asset Date   Basis
Furniture (7-year) December 1 $ 484,000
Computer equipment (5-year) February 28   124,000
Copier (5-year) July 15   64,000
Machinery (7-year) May 22   514,000
Total   $ 1,186,000

 

 

 

  1. a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019?

  2. a-2. What is Timberline’s §179 carryforward to 2020, if any?

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