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 $ 1,510,000 Computer equipment February 10 Office building April 2 475,000 590,000 $ 2,575,000 Total Problem 10-56 Part b (Algo) 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? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.

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 $ 1,510,000 Computer equipment February 10 Office building April 2 475,000 590,000 $ 2,575,000 Total Problem 10-56 Part b (Algo) 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? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 Machinery September 12 Computer equipment Office building February 10 April 2 Basis $ 1,550,000 365,000 480,000 Total $ 2,395,000 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?
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 Machinery Computer equipment Office building Total Placed in Service September 12 Basis $ 1,390,000 February 101 April 2 415,000 $ 2,335,000 530,000 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? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including $170 expense), $ 1,315,000
Required information [The following information applies to the questions displayed below] Assume that Timberline Corporation has 2023 taxable income of $278,000 for purposes of computing the $179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2. Table 3. Table 4. and Table 5.) Furniture (7-year) Asset Purchase Date December 1 Basis $ 532,000 Computer equipment (5-year) February 28 Copier (5-year) Machinery (7-year) July 15 May 22 128,000 68,000 522,000 Total $ 1,250,000 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? a-1. Maximum §179 expense a-2. Maximum $179 carryforward to 2023
Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $652,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4. and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,250 263,325 880,425 $ 3,414,000 Problem 10-57 Part b (Algo) b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense)
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,560,000 instead of $486,000 and assuming no bonus depreciation?
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
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 Machinery Computer equipment Office building Total Problem 10-56 Part a (Algo) Placed in Service September 12 February 10 April 2 Maximum §179 expense deductible Basis $ 1,500,000 470,000 585,000 $ 2,555,000 a. What is the maximum amount of $179 expense AMP may deduct for 2022?
Required information [The following information applies to the questions displayed below] 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 Machinery Computer equipment office building Total Placed in Service September 12 February 101 April 2 $1,550,000 365,000 480,000 $ 2,395,000 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? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including 5179 expenso)
Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5) Asset Machinery Computer equipment Placed in Service September 12 February 10 Basis $ 1,340,000 Office building Total April 2 390,000 505,000 $ 2,235,000 a. What is the maximum amount of $179 expense AMP may deduct for 2023? Maximum §179 expense deductible
Required information [The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2023 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2023, AMP acquired the following assets: (Use MACRS Table 1. Table 2. Table 3. Table 4, and Table 5.) Asset Machinery Computer equipment office building Total Placed in Service September 12 February 10 April 2 Basis $1,510,000 475,000 590,000 $ 2,575,000 b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation (including $179 expense)
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 $ 1,380,000 Computer equipment February 10 410,000 Office building April 2 525,000 Total $ 2,315,000 a. What is the maximum amount of §179 expense AMP may deduct for 2022?
! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check m