Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies. Placed in Asset Service...


Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following<br>assets during the year: Assume CARES Act applies.<br>Placed in<br>Asset<br>Service<br>Basis<br>September 12<br>February 10<br>August 21<br>Office furniture<br>$<br>Computer equipment<br>Delivery truck<br>Qualified improvement<br>691,000<br>934,000<br>67,000<br>September 30<br>1,535,000<br>property<br>Total<br>$ 3,227,000<br>What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and<br>Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.)<br>Maximum total depreciation deduction<br>$<br>2,103,479<br>

Extracted text: Chaz Corporation has taxable income in 2020 of $368,000 for purposes of computing the §179 expense and acquired the following assets during the year: Assume CARES Act applies. Placed in Asset Service Basis September 12 February 10 August 21 Office furniture $ Computer equipment Delivery truck Qualified improvement 691,000 934,000 67,000 September 30 1,535,000 property Total $ 3,227,000 What is the maximum total depreciation deduction that Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation deduction $ 2,103,479

Jun 10, 2022
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