Asset | Cost | Date Placed in Service | |
Office furniture | $ | 150,000 | 02/03/2018 |
Machinery | 1,560,000 | 07/22/2018 | |
Used delivery truck* | 40,000 | 08/17/2018 | |
During 2018, Karane was very successful (and had no §179 limitations) and decided to acquire more assets in 2019 to increase its production capacity. These are the assets acquired during 2019:
Asset | Cost | Date Placed in Service | |
Computers & info. system | $ | 400,000 | 03/31/2019 |
Luxury auto† | 80,000 | 05/26/2019 | |
Assembly equipment | 1,200,000 | 08/15/2019 | |
Storage building | 700,000 | 11/13/2019 | |
Karane generated taxable income in 2019 of $1,732,500 for purposes of computing the §179 expense. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Assume the 2018 §179 limits are the same as those in 2019.(Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.)