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. Maximum total depreciation (including §179 expense)
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. Maximum total depreciation (including §179 expense)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52749ede-7b68-4cbf-ae55-175824c75dfa%2Fff5f4935-bcbf-49ea-b7d8-a15c3b01ea05%2F8apjba_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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?
![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 10
April 2
Basis
$ 1,500,000
470,000
585,000
$ 2,555,000
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.
Maximum total depreciation (including §179 expense)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52749ede-7b68-4cbf-ae55-175824c75dfa%2Fff5f4935-bcbf-49ea-b7d8-a15c3b01ea05%2Fo8bwgrn_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 10
April 2
Basis
$ 1,500,000
470,000
585,000
$ 2,555,000
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.
Maximum total depreciation (including §179 expense)
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