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ssume that ACW Corporation has 2020 taxable income of $1,500,000 for purposes of computing the 179 expense. The company acquired the following assets during 2020
ssume that ACW Corporation has 2020 taxable income of $1,500,000 for purposes of computing the 179 expense. The company acquired the following assets during 2020 Assume CARES Act applies. (assume no bonus depreciation): (Use MACRS Table 1, Table 2 and Table 5.)
Asset | Placed in Service | Basis | |
Machinery | 12 September | $ | 470,000 |
Computer equipment | 10 February | 70,000 | |
Delivery truck | 21 August | 93,000 | |
Qualified improvement property | 2 April | 1,380,000 | |
Total | $ | 2,013,000 | |
- What is the maximum total depreciation that ACW may deduct in 2020 on the assets it placed in service in 2020? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
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