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Jones Corp. placed in service on August 1, 2020 equipment (7-year property) with a basis of $1,220,000. This was the only asset that Jones Corp.
Jones Corp. placed in service on August 1, 2020 equipment (7-year property) with a basis of $1,220,000. This was the only asset that Jones Corp. purchased this year. Assume that Jones has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including 179 expensing (but ignoring bonus expensing).
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