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Required information Problem 10-56 (LO 10-2, LO 10-3) (Algo) Skip to question [The following information applies to the questions displayed below.] AMP Corporation (calendar year-end)
Required information
Problem 10-56 (LO 10-2, LO 10-3) (Algo)
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[The following information applies to the questions displayed below.]
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 | $ 1,310,000 |
Computer equipment | February 10 | 375,000 |
Office building | April 2 | 490,000 |
Total | $ 2,175,000 |
Problem 10-56 Part a (Algo)
a. What is the maximum amount of 179 expense AMP may deduct for 2022?
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