Question
Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing the 179 expense. During 2017, AMP acquired the following
Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing the §179 expense. During 2017, AMP acquired the following assets:
| Placed in | | |
Asset | Service | | Basis |
Machinery | September 12 | $ | 1,550,000 |
Computer equipment | February 10 | | 365,000 |
Office building | April 2 | | 480,000 |
Total | | $ | 2,395,000 |
What is the maximum total depreciation expense, including §179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation?
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Essentials Of Federal Taxation 2018
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
9th Edition
1260007642, 978-1260150292, 1260150291, 978-1260007640
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