! 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 Basis $ 1,310,000 375,000 490,000 $ 2,175,000 a. What is the maximum amount of §179 expense AMP may deduct for 2023?

! 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 Basis $ 1,310,000 375,000 490,000 $ 2,175,000 a. What is the maximum amount of §179 expense AMP may deduct for 2023?

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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Sagar Don't upload image please
Subject: accounting
Vishno
8
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)
Assume that ACW Corporation has 2022 taxable income of $1,500,000 for purposes of computing the $179 expense. The company acquired the following assets during 2022 (assume no bonus depreciation): Asset Placed in Service Basis Machinery September 12 $470,000 Computer equipment February 10 $ 70,000 Delivery truck August 21 $ 93,000 Qualified real property April 2 $ 1,380,000 (MACRS, 15 year, 150% DB) Total $2,013,000 Question: 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 assets it placed in service in 2022?
55
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
Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $696,000 for purposes of computing the §179 expense. The company acquired the following assets during 2021: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Placed in Service Basis Machinery September 12 $ 2,275,750 Computer equipment February 10 270,475 Furniture April 2 889,775 Total $ 3,436,000 What is the maximum amount of §179 expense TDW may deduct for 2021? (713270 is my prev answer and its wrong)
vi.3
Subject: acounting