hrl.4 1. Assume that ACW Corporation has 2023 taxable income of $1,500,000 for purposes of computing the §179 expense. Thecompany acquired the following assets during 2023 (assume no bonus depreciation):AssetMachineryComputer equipmentDelivery truckQualified real property (MACRS, 15year, 150% DB)Blank 1TotalBlank 2Add your answerPlaced in ServiceAdd your answerSeptember 12February 10August 21April 2HBasis$470,00070,000a) What is the maximum amount of §179 expense ACW may deduct for 2023? Blank 1b) What is the maximum total depreciation deduction that ACW may deduct in 2023 on the assets it placed in service in 2023? Blank293,0001,380,000$2,013,000

The Section 179 deduction is a tax break that enables businesses to write off the cost of a select…

1. Assume that ACW Corporation has 2023 taxable income of $1,500,000 for purposes of computing the $179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): Placed in Service Asset Machinery Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Blank 1 Blank 2 Add your answer September 12 Add your answer February 10 August 21 April 2 Basis $470,000 Total a) What is the maximum amount of §179 expense ACW may deduct for 2023? Blank 1 b) What is the maximum total depreciation deduction that ACW may deduct in 2023 on the assets it placed in service in 2023? Blank 2 70,000 93,000 1,380,000 $2,013,000