56. AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets: Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,550,000 365,000 480,000 $2,395,000 a) What is the maximum amount of §179 expense AMP may deduct for 2022? b) What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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56. AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for
purposes of computing the §179 expense. During 2022, AMP acquired the
following assets:
Asset
Machinery
Computer equipment
Office building
Total
Placed in Service
September 12
February 10
April 2
Basis
$1,550,000
365,000
480,000
$2,395,000
a) What is the maximum amount of §179 expense AMP may deduct for 2022?
b) What is the maximum total depreciation, including §179 expense, that AMP may
deduct in 2022 on the assets it placed in service in 2022, assuming no bonus
depreciation?
L
Transcribed Image Text:56. AMP Corporation (calendar-year-end) has 2022 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2022, AMP acquired the following assets: Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $1,550,000 365,000 480,000 $2,395,000 a) What is the maximum amount of §179 expense AMP may deduct for 2022? b) What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? L
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