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Let me know if you need the MACRS tables ! Required information (The following information applies to the questions displayed below. AMP Corporation (calendar-year-end) has
Let me know if you need the MACRS tables
! Required information (The following information applies to the questions displayed below. AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5 .) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,530,000 485,000 600,000 $2,615,000 a. What is the maximum amount of $179 expense AMP may deduct for 2019? Maximum $179 expense deductible b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) Maximum total depreciation (including $179 expense)Step by Step Solution
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