AMP Corporation (calendar-year-end) has 2015 taxable income of $900,000 before the §179 expense. During 2015, AMP acquired

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AMP Corporation (calendar-year-end) has 2015 taxable income of $900,000 before the §179 expense. During 2015, AMP acquired the following assets:
Placed in Service September 12 February 10 April 2 Asset Basis Machinery Computer equipment Office building $1,550,000 4

a) What is the maximum amount of §179 expense AMP may deduct for 2015 (assume the 2014 §179 limits are extended to 2015)?
b) What is the maximum total depreciation expense, including §179 expense, that AMP may deduct in 2015 on the assets it placed in service in 2015 assuming no bonus depreciation (assume the 2014 §179 limits are extended to 2015)?

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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Taxation Of Individuals And Business Entities 2016

ISBN: 9781259334870

7th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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