Assume that ACW Corporation has 2023 taxable income of $1,500,000 for purposes of computing the 179 expense.
Question:
Assume that ACW Corporation has 2023 taxable income of $1,500,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation):
- What is the maximum amount of §179 expense ACW may deduct for 2023?
- What is the maximum total depreciation deduction that ACW may deduct in 2023 on the assets it placed in service in 2023?
Transcribed Image Text:
Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 April 2 Basis $470,000 70,000 93,000 1,380,000 $2,013,000
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a The maximum 179 expense is 1160000 b The maximum depreciation deducti...View the full answer
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Related Book For
McGraw Hills Essentials Of Federal Taxation 2024
ISBN: 9781265364656
15th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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