Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing the
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Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing the §179 expense. During 2017, AMP acquired the following assets:
| Placed in | | |
Asset | Service | | Basis |
Machinery | September 12 | $ | 1,550,000 |
Computer equipment | February 10 | | 365,000 |
Office building | April 2 | | 480,000 |
Total | | $ | 2,395,000 |
What is the maximum total depreciation expense, including §179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation?
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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