Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes ofcomputing the $179 expense. The company acquired the following assets during 2022 (assumeno bonus depreciation):AssetPlaced in ServiceBasisMachinerySeptember 12$470,000Computer equipmentFebruary 10$ 70,000Delivery truckAugust 21$ 93,000Qualified real propertyApril 2$ 1,380,000(MACRS, 15 year, 150% DB)Total$2,013,000Question: What is the maximum amount of §179 expense ACW may deduct for 2022?Answer:Question: What is the maximum total depreciation that ACW may deduct in 2022 on the assetsit placed in service in 2022?

The objective of the question is to calculate the maximum amount of §179 expense that ACW…

Answered: Assume that ACW Corporation has 2022…

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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Bhola
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 1 Service September 12 February 10 April 2 Basis $ 1,530,000 485,000 600,000 $ 2,615,000 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 §179 expense)
Chaz Corporation has taxable income in 2022 of $314,800 for purposes of computing the $179 expense and acquired the following assets during the year; Asset Office furniture Computer equipment Delivery truck Qualified real property (MACRS, 15 year, 150% DB) Total Placed in Service September 12 February 10 August 21 September 30 Maximumn total depreciation deduction Basis $ 808,000 958,000 96,000 1,527,000 $ 3,389,000 What is the maximum total depreciation deduction that Chaz may deduct in 2022? (Use MACRS Table 1, Table 2. Table 3. Table 4 and Table 5.) Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Haresh
Subject: acounting
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 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 Placed in Service Basis Machinery September 12 $ 1,440,000 Computer equipment February 10 440,000 Office building April 2 555,000 Total $ 2,435,000 a. What is the maximum amount of $179 expense AMP may deduct for 2023? 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?
Required information Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore $179 expense and bonus depreciation for this problem): (Use MACRS Table 1. Table 2 and Table 5.) Asset Machinery Computer equipment Delivery truck Furniture Total Date Placed in Original Service Basis $116,000 October 25 February 3 MACRS depreciation March 17 April 22 56,000 69,000 196,000 $ 437,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $760,000. a. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect $179 expense and elects out of bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
Vikrambhai
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! 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 Maximum $179 expense deductible a. What is the maximum amount of $179 expense AMP may deduct for 2023? Basis $ 1,310,000 375,000 490,000 $ 2,175,000 $1,050,000
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?

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