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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: (Use MACRS
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: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Placed in | |||
Asset | Service | Basis | |
Machinery | September 12 | $ | 1,360,000 |
Computer equipment | February 10 | 400,000 | |
Office building | April 2 | 515,000 | |
Total | $ | 2,275,000 | |
|
a. What is the maximum amount of 179 expense AMP may deduct for 2017?
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