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AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2019, AMP acquired the following assets: Asset Placed
AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2019, AMP acquired the following assets:
Asset | Placed in Service | Basis |
Machinery | Sept. 12 | 1,350,000 |
Computer Equipment | Feb. 10 | 395,000 |
Office building | April 2 | 510,000 |
Total | 2,255,000 |
What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation?
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