Geronimo Corp. will earn $1,000,000 in taxable income before depreciation and any deduction under §179 in calendar year 2010. Geronimo Corp. has no depreciable assets so far but is going to purchase a piece of machinery for $600,000 in December 2010. This machinery is considered 7 year MACRS property and also qualifies as §179 property. What is the maximum tax deduction Geronimo Corp. can take for this asset in 2010?

Answer rating: 100% (QA)

Geronimo Corp earned 1000000 in taxable income before depreciation and any deduction under 179 i... View the full answer