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AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2023, AMP acquired the following assets: (Use MACRS
AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2023, 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 | $ 1,420,000 |
Computer equipment | February 10 | 430,000 |
Office building | April 2 | 545,000 |
Total | $ 2,395,000 |
b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation?
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