AMP Corporation (calendar-year-end) has 2023 taxable income of $1,800,000 for purposes of computing the §179 expense. During 2023, AMP acquired the following assets: Asset Placed in Service Basis Machinery (7-year) May 12 $ 700,000 Furniture (7-year) March 15 400,000 Computer equipment February 10 200,000 Office building April 2 1,100,000 Total $ 2,300,000 What is the maximum amount of §179 expense AMP may deduct for 2023? What is AMP's §179 carryforward to 2024, if any?

AMP Corporation (calendar-year-end) has 2023 taxable income of $1,800,000 for purposes of computing the §179 expense. During 2023, AMP acquired the following assets: Asset Placed in Service Basis Machinery (7-year) May 12 $ 700,000 Furniture (7-year) March 15 400,000 Computer equipment February 10 200,000 Office building April 2 1,100,000 Total $ 2,300,000 What is the maximum amount of §179 expense AMP may deduct for 2023? What is AMP's §179 carryforward to 2024, if any?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Asset	Placed in Service	Basis
Machinery (7-year)	May 12	$ 700,000
Furniture (7-year)	March 15	400,000
Computer equipment	February 10	200,000
Office building	April 2	1,100,000
Total		$ 2,300,000

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