AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery September 12 $ 1,360,000 Computer equipment February 10 400,000 Office building April 2 515,000 Total $ 2,275,000 a. What is the maximum amount of §179 expense AMP may deduct for 2020? b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
| Placed in | |||
| Asset | Service | Basis | |
| Machinery | September 12 | $ | 1,360,000 |
| Computer equipment | February 10 | 400,000 | |
| Office building | April 2 | 515,000 | |
| Total | $ | 2,275,000 | |
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a. What is the maximum amount of §179 expense AMP may deduct for 2020?
b. What is the maximum total
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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: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
| Asset | Placed in Service | Basis |
|---|---|---|
| Machinery | September 12 | $ 1,550,000 |
| Computer equipment | February 10 | 365,000 |
| Office building | April 2 | 480,000 |
| Total | $ 2,395,000 |
a. What is the maximum amount of §179 expense AMP may deduct for 2022?
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