AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the 179 expense....

 

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AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 1,380,000 Computer equipment Office building Total February 10 April 2 410,000 525,000 $ 2,315,000 b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 1,380,000 Computer equipment Office building Total February 10 April 2 410,000 525,000 $ 2,315,000 b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

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Answer To calculate the maximum total depreciation including 179 expense for the assets placed in service in 2020 we need to determine the allowable d... View the full answer