Question
Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the 179 expense. The company acquired the following assets during 2022
Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the 179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 470,000 Computer equipment February 10 70,000 Delivery truck August 21 93,000 Qualified real property (MACRS, 15 year, 150% DB) April 2 1,380,000 Total $ 2,013,000 A. What is the maximum amount of 179 expense ACW may deduct for 2022? B. What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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