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Assume that ACW Corporation has 2021 taxable income of $1,520,000 for purposes of computing the $179 expense. The company acquired the following assets during 2021
Assume that ACW Corporation has 2021 taxable income of $1,520,000 for purposes of computing the $179 expense. The company acquired the following assets during 2021 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Qualified improvement property Total Placed in Service 12-Sep 10-Feb 21-Aug 02-Apr Basis $ 472,000 72,000 95,000 1,382,000 $ 2,021,000 a. What is the maximum amount of $179 expense ACW may deduct for 2021? b. What is the maximum total depreciation that ACW may deduct in 2021 on the assets it placed in service in 2021? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) $ 1,050,000 a. Maximum $179 expense for 2021 b. Maximum total deductible depreciation for 2021
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