Corporation (calendar year-en
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f40121d-73e1-42c0-9c04-01f2e93883a0%2Ffbc1db5f-14a2-4020-9e7a-18dd3ab1a584%2Fnnxmta_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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)
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