Question
AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use
AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 1,550,000 Computer equipment February 10 365,000 Office building April 2 480,000 Total $ 2,395,000
a. What is the maximum amount of 179 expense AMP may deduct for 2022?
b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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