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AMP Corporation (calendar year-end) has 2021 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2021, AMP acquired the following assets: (Use
AMP Corporation (calendar year-end) has 2021 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2021, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $ 1,460,000 450,000 565,000 $ 2,475,000 Problem 10-56 Part a (Algo) a. What is the maximum amount of $179 expense AMP may deduct for 2021? Maximum $179 expense deductible b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maximum total depreciation (including $179 expense)
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