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Assume that Stone Corporation (calendar-year-end) has 2020 taxable income of $650,000 for purposes of computing the 179 expense. The company acquired the following assets during
Assume that Stone Corporation (calendar-year-end) has 2020 taxable income of $650,000 for purposes of computing the 179 expense. The company acquired the following assets during 2020:
Asset | Placed in Service | Basis |
Machinery | September 12 | $2,270,000 |
Computer Equipment | February 10 | 263,000 |
Furniture | April 2 | 880,000 |
Total | $3,413,000 |
a) What is the maximum amount of 179 expense Stone may deduct for 2020?
b) What is the maximum total depreciation, including 179 expense, that Stone may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation?
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