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What is Woolard total depreciation deduction for the year

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Question - Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (§179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture had been used previously by Liz Woolard (the owner of the business) before it was placed in service by the business.

Asset - Office Furniture (used)

Placed In Service - March 20

Basis - $1,169,000

If Woolard elects $50,000 of §179, what is Woolard's total depreciation deduction for the year?

Reference no: EM132567171

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