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Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2019 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 2019 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2019, AMP acquired the following assets:
Placed in | |||
Asset | Service | Basis | |
Machinery | September 12 | $ | 1,550,000 |
Computer equipment | February 10 | 365,000 | |
Office building | April 2 | 480,000 | |
Total | $ | 2,395,000 | |
|
a. What is the maximum amount of 179 expense AMP may deduct for 2019?
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