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Assume 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
Assume 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 4and Table 5.)
Placed in | |||
Asset | Service | Basis | |
Machinery | September 12 | $ | 1,550,000 |
Computer equipment | February 10 | 365,000 | |
Office building | April 2 | 480,000 | |
Total | $ | 2,395,000 | |
|
I know a. is 240,000. I can't figure out what part b would be.
What is the maximum total depreciation expense, including 179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation?
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: Asset Placed In Service Basis $1,550,000 Machinery Computer equipment Office building Total September 12 February 10 April 2 $2,395,000 mount of 179 expense AMP may deduct b) What is the maximum total depreciation expense, including 179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciationStep by Step Solution
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