Question
PLEASE HELP!!! I have tried everything I know how to do and am just so lost!! AMP Corporation (calendar year-end) has 2022 taxable income of
PLEASE HELP!!! I have tried everything I know how to do and am just so lost!!
AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Asset | Placed in Service | Basis |
---|---|---|
Machinery | September 12 | $ 1,440,000 |
Computer equipment | February 10 | 440,000 |
Office building | April 2 | 555,000 |
Total | $ 2,435,000 |
b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started