Assume AMP Corporation (calendar year end) has 2018 taxable income of $900,000 for purposes of computing the 179 expense During 2018, AMP acquired the following assets Asset Placed in Service Basis Machinery September 12 $1,550,000 Computer Equipment February 10 365,000 Office Building April 2 480,...

a The maximum 179 expense is 1000000 b The maximum depreci ...

Assume AMP Corporation (calendar year end) has 2018 taxable income of $900,000 for purposes of computing the

Question:

Assume AMP Corporation (calendar year end) has 2018 taxable income of $900,000 for purposes of computing the §179 expense. During 2018, AMP acquired the following assets:

Asset	Placed in Service	Basis
Machinery	September 12	$1,550,000
Computer Equipment	February 10	365,000
Office Building	April 2	480,000
Total		$2,395,000

a) What is the maximum amount of §179 expense AMP may deduct for 2018?

b) What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2018 on the assets it placed in service in 2018 assuming no bonus depreciation?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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