Question
Assume that ACW Corporation has 2023 taxable income of $1,740,000 for purposes of computing the 179 expense. The company acquired the following assets during 2023
Assume that ACW Corporation has 2023 taxable income of $1,740,000 for purposes of computing the 179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Asset Placed in Service Basis Machinery 12-September $ 494,000 Computer equipment 10-February 94,000 Delivery truck 21-August 117,000 Qualified real property (MACRS, 15 year, 150% DB) 02-April 1,404,000 Total $ 2,109,000
What is the maximum amount of 179 expense ACW may deduct for 2023?
What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023?
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