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[The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the 179 expense.
[The following information applies to the questions displayed below.]
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 | September 12 | $ | 1,310,000 |
Computer equipment | February 10 | 375,000 | |
Office building | April 2 | 490,000 | |
Total | $ | 2,175,000 | |
|
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?
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