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Posted on Aug 05, 2024

Required information The following information applies to the questions displayed below) AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the

Required information The following information applies to the questions displayed below) AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Tohle 3. Tobie and Table 51 Placed in Asset Service Basis Machinery September 12 $ 1,520, eee Computer equipment February 10 480,000 office building April 2 595, eee Total $ 2,595,000 b. What is the maximum total depreciation, including 5179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Maxmurti total depreciation (including 5179 expense) Table 1 MACRS Half-Year Convention 20-Year Year 1 3.750% 7.219 Year 2 Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 33.33% 20.00% 14.29% 10.00% 5.00% 44.45 32.00 24.49 18.00 9.50 14.81 19.20 17.49 14.40 8.55 7.41 11.52 12.49 11.52 7.70 11.52 8.93 9.22 6.93 Year 3 6.677 Year 4 6.177 Year 5 5.713 5.285 Year 6 5.76 8.92 7.37 6.23 Year 7 8.93 6.55 5.90 4.888 Year 8 4.46 6.55 5.90 6.56 5.91 Year 9 Year 10 4.522 4.462 4.461 6.55 5.90 Year 11 3.28 5.91 4.462 Year 12 5.90 4.461 Year 13 5.91 4.462 Year 14 5.90 Year 15 4.461 4.462 5.91 Year 16 2.95 4.461 Year 17 4.462 Year 18 Year 19 4.461 4.462 Year 20 4.461. Year 21 2.231 TABLE 2a MACRS Mid Quarter Convention: For property placed in service during the first quarter Depreciation Rate for Recovery Period 5 Year 7-Year Year 1 35.00% 25.00% Year 2 26.00 21.43 Year 3 15.60 15.31 Year 4 11.01 10.93 Year 5 11.01 8.75 Year 6 1.38 8.74 Year 7 8.75 Year 8 1.09 TABLE 26 MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23,47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7 8.87 Year 8 3.34 TABLE 2 MACRS Mid-Quarter Convention: For property placed in service during the thurd quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Years 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5.53 TABLE 20 MACRS-Mid Quarter Convention: For property placed service dwg the fourth quarter Depreciation Rate for Recovery Period 5 Year 7 Year Year 1 5100% 3.57% Year 2 3800 2015 TABLE 2 MACRS Mid Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71% Year 2 34.00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11.30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5.53 TABLE 20 MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 5.00% 3.57% Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6 9.58 8.73 Year 7 8.73 Year 8 7.64 Month 8 1.36496 Month 1.06199 3.636 3.636 3.636 3.636 Month 12 015246 3.636 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.637 TABLE 3 Residential Rental Property Mid Month Convention Straig Li27.5 Years Month Property Placed in Service Month 1 Month 2 Month 3 Month 4 Months Month Month Year 1 3.4859 3.18296 2.87946 2.5766 2.2736 1.97098 166790 Year 29 3.636 3.636 3.636 3.636 3.686 30636 3.638 Year 10 3,637 3.637 3.637 3.632 3.637 3.632 3.636 Year 11 3.636 3.636 3.636 3.636 3.636 3.636 3.699 Year 12 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 13 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 14 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 15 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 16 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 17 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 18 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 19 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 20 3.637 3,637 3.637 3.637 3.637 3.637 3.636 Year 21 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 22 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 23 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 24 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 25 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 26 3.637 3.637 3.637 3.637 3.637 3.637 3.636 Year 27 3.636 3.636 3.636 3.636 3.636 3.636 3.637 Year 28 1.97 2.273 2.576 2.879 3.182 3.485 3.636 Year 29 0.152 3.637 3.636 3,637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 0.455 3.636 3.637 3.636 Month 10 Month 11 0.7589 0,455% 3,636 3.636 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.637 3.636 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.636 3.637 3.626 3.637 3.637 3.636 3.637 3.637 3.636 3.637 3.636 1.364 3.636 3.637 3.636 3.636 1.061 0.758 1.667 Mont Math 11 M D. 1990 SLE 11 W 3.173 1175 CLIE 3.11 1.175 3.174 1195 3114 3175 3.194 173 194 3.115 1114 3.175 3.114 14 SU TGIE 3.14 3.174 1114 3.11 ELE TE TABEK 4 Nonresidential Real Property MM Month Convention Burgh Linear pleine May 3.19 Moni per la Month Meuth Must Mouth Meath Month MONT Yeart 30421 Myth Moth 2.77876 2. 2.2409 19 17:09 1. Year 27 44 1.17 3.175 000 2175 3.15 175 3.623 19 NI Years 2.174 BITS 3174 2.15 3124 3.98 3.175 1.195 Yrar 194 3.195 3.174 2,195 3.174 3.175 2.14 3.175 1.174 Year 10 3.175 3.174 3.175 3.174 3.175 3.174 12 31 3.175 Year 11 2174 3.175 3.174 3.175 3.174 175 3174 2.1 1114 Year 12 1.175 1174 3.135 3174 3.175 11 30175 IN 175 Year 13 2114 3.175 3174 3.175 3.194 3.175 14 3.175 114 Year 14 3.175 3.174 3.175 3.174 3.174 3.17 14 11 Year 15 3.174 3.195 3.194 3.175 3.174 175 3.174 11 3.174 Year 16 3.175 2.15 174 175 1.174 3.17 Year 17 3.174 3175 3.174 3.174 3.175 144 3194 Year is 3.175 3.174 3.175 3.174 3.175 3174 3.175 2115 Year 19 2.174 3.175 3.114 3.175 3,124 3.175 3.174 3.114 Year 20 3.175 3.174 3.175 3.174 3.175 3.174 31 3.175 Year 21 3.17 3.173 3.174 3.174 3.175 3194 3.15 3.174 Year 22 3.175 3.174 3.195 114 3.175 3174 3195 2014 3.175 Year 23 3.174 3.175 3.174 3.175 3.174 3.175 31 MIS 3.17 Year 24 3.175 3.174 3.175 3.174 3175 3.14 3.173 3.134 3.175 Year 25 3.174 3.175 3.174 3.175 3.174 3.125 3.175 3:14 Year 26 3.174 3.175 3.175 3.175 3.175 3.114 3.175 1174 Year 2 3.174 3.175 3.174 3.175 3.194 1114 3.175 3,195 3.174 3.175 3.174 Year 28 3.175 3.175 3.175 3.174 3.114 3.175 3175 3.14 3.174 3.175 3.174 3174 3.175 Year 29 1174 3194 3.175 3.179 3.174 3.175 3.174 Year 20 315 3.135 3.174 3.174 3.174 Yrar 21 3.175 3:17 3.174 3.174 3.175 3.125 Year 32 1.195 2.513 1.720 1194 2.349 1.964 3012 2.778 0.13 0397 0.661 Year S418 TI SLTE 1 ITA 3.114 SI 175 3.174 3.175 2174 3.175 3.174 1175 3.174 3.174 1.173 3174 3:13 1.174 31 3.79 3.174 3.194 1.17 3.175 3.114 3.175 3.174 3:17 175 TELE 3:15 SLIE PSTI TABLE Nonresidential Real Property MM Month Cavetion Noraight Lee So Yuan (formele placed in erster May 13, 1993) Month Property Planet in fenice Month 1 Month Month Month Months Month Month Month Year! 2.4614 2.247 30 1819 1.6051 1.1919 0.7401 Year 2-29 3.564 2564 3564 2.564 3564 3564 2564 Year 40 0.331 0335 0.749 0.963 1.117 101 1603 LO Meath 10 03 7.564 Meath 11 031 16 in 11 O 10 0.107