IP Corporation (calendar year-end) has 2022
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
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.
Placed in
Service
Basis
September 12 $1,550,000
February 10
April 2
Maximum total depreciation (including §179 expense)
Required information
[The following information applies to the questions displayed below.]
Asset
365,000
480,000
$ 2,395,000
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.)
Machinery
Computer equipment
Office building
Total
Maximum §179 expense deductible
Placed in
Service
September 12
February 10
April 2
Basis
$1,550,000
365,000
480,000
$ 2,395,000
a. What is the maximum amount of $179 expense AMP may deduct for 2022?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ddc0d11-139d-4179-848e-9946b62b5a81%2F03eb279f-bfb6-445b-8962-f21d7c3e9b66%2F1spdnme_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
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.
Placed in
Service
Basis
September 12 $1,550,000
February 10
April 2
Maximum total depreciation (including §179 expense)
Required information
[The following information applies to the questions displayed below.]
Asset
365,000
480,000
$ 2,395,000
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.)
Machinery
Computer equipment
Office building
Total
Maximum §179 expense deductible
Placed in
Service
September 12
February 10
April 2
Basis
$1,550,000
365,000
480,000
$ 2,395,000
a. What is the maximum amount of $179 expense AMP may deduct for 2022?
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