AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During

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AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets:

a) What is the maximum amount of §179 expense AMP may deduct for 2022?
b) What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?

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Taxation Of Individuals And Business Entities 2023 Edition

ISBN: 9781265790295

14th Edition

Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham

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