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AMP Corporation (calendar-year-end) has 2018 taxable income of $900,000 for purposes of computing the 179 expense. During 2018, AMP acquired the following assets: Asset Placed
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AMP Corporation (calendar-year-end) has 2018 taxable income of $900,000 for purposes of computing the 179 expense. During 2018, AMP acquired the following assets:
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 |
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What is the maximum amount of 179 expense AMP may deduct for 2018?
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What is the maximum total depreciation including 179 expense, that AMP may deduct in 2018 on the assets it placed in service in 2018 assuming no bonus depreciation?
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