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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:
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 | |
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? |
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