Martin Corporation Acquired 5-Year Property Costing $2,185,000 on September 10,
Martin Corporation acquired 5-year property costing $2,185,000 on September 10, 2018. This is the only property acquired this year and Martin elects to expense the maximum amount under Section 179 and bonus depreciation. Martin's total cost recovery deduction for 2018 is:
On November 7, 2018, Wilson Corporation, a calendar-year taxpayer, acquires 7-year property for $1,090,000. This is the only property acquired this year. Section 179 expensing is elected, without application of bonus depreciation. What is Wilson's total depreciation deduction for 2018?
Coralbay, a calendar-year corporation, purchased used office furniture for $240,000 and new machines for $1,880,000 in July 2018. What is Coralbay's maximum cost recovery deduction for 2018?
Allen Corporation acquired 5-year property costing $150,000 on September 10, 2018. This is the only property acquired this year and Allen elects to expense the maximum amount under Section 179. Allen's income before deducting depreciation is $15,000. What is the maximum amount that Allen can deduct in 2018 for Section 179 expensing?