Question
AMP Corporation (calendar year end) has 2017 taxable income of $900,000 before the 179 expense. During 2017, AMP acquired the following assets: Asset Placed in
AMP Corporation (calendar year end) has 2017 taxable income of $900,000 before the 179 expense. During 2017, AMP acquired the following assets:
| Asset |
| Placed in Service | Basis |
| Machinery | September 12 | $1,540,000 | |
| Computer Equipment | February 10 | 355,000 | |
| Office Building | April 2 | 480,000 | |
| Total |
|
| $2,375,000 |
What is the maximum amount of 179 expense AMP may deduct for 2017?
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Financial Accounting Version 3.0
Authors: Leah Kratz, Joe Ben Hoyle, C. J. Skender
3rd Edition
1453392904, 9781453392904
