9) Milo Corporation, a calendar-year taxpayer, purchases and places into service machinery with a 7-year life that
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9) Milo Corporation, a calendar-year taxpayer, purchases and places into service machinery with a 7-year life that costs $1,140,000. It was placed in service early in the year and was the only addition this year. Milo elects to depreciate the maximum under Sec. 179 and does not apply bonus depreciation. Milo taxable income for the year before the Sec. 179 deduction is $1,700,000. What is Milo's total depreciation deduction related to this property?
Related Book For
Federal Taxation 2019 Comprehensive
ISBN: 9780134833194
32nd Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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