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Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2017 machinery and equipment (7-year property) with a basis
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2017 machinery and equipment (7-year property) with a basis of $850,000. Assume that Olney has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including 179 expensing, rounded to the nearest whole number (but ignoring bonus expensing). Assume the 2016 179 limits are extended to 2017.
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