AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the 179 expense. During
Fantastic news! We've Found the answer you've been seeking!
Question:
AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2019, AMP acquired the following assets:
Placed in | |||
Asset | Service | Basis | |
Machinery | September 12 | $ | 1,340,000 |
Computer equipment | February 10 | 390,000 | |
Office building | April 2 | 505,000 | |
Total | $ | 2,235,000 | |
b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.
Related Book For
Essentials of Federal Taxation 2019
ISBN: 9781260190045
10th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date: