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Required information The following information applies to the questions displayed below. Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes
Required information The following information applies to the questions displayed below. Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing the $179 expense. During 2017, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery Computer equipment Office building Total September 12 $1,550,000 365,000 480,000 $2,395,000 February 10 April 2 a. what is the maximum amount of 5179 expense AMP may deduct for 2017? Maximum $179 expense deductible b, what is the maximum total depreciation expense, including 179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation? (Round your answer to the nearest whole dollar amount.) Maximum total depreciation expense (including 179 expe
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