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Assume that ACW Corporation has 2022 taxable income of $1,700,000 for purposes of computing the 179 expense. The company acquired the following assets during 2022
Assume that ACW Corporation has 2022 taxable income of $1,700,000 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 | 12-September | $ 490,000 |
Computer equipment | 10-February | 90,000 |
Delivery truck | 21-August | 113,000 |
Qualified real property (MACRS, 15 year, 150% DB) | 2-April | 1,400,000 |
Total | $ 2,093,000 |
- What is the maximum amount of 179 expense ACW may deduct for 2022?
- What is the maximum total depreciation that ACW may deduct in 2022 on the assets it placed in service in 2022?
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