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Sheena Maskell Sheena Maskell
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Matthew Oil Company acquires a machine (seven-year property) on January 10, 2010, at a cost of $810,000. Matthew makes the election to expense the maximum amount under Section 179.
a.   Assume that the taxable income from trade or business is $500,000. What is the amount of the Section 179 expensing deduction for the current year?
b.   What is the amount of the Section 179 carryover to the next tax year?
c.   Assume instead that the taxable income from trade or business is $70,000. What is the amount of the Section 179 deduction allowed in the current year?
d.   What is the amount of the Section 179 carryover to the next tax year (use information in c)?
e.   Using the facts in c, what is the depreciation for the year?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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Sheena M. Author
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7 years ago
Really helped
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