Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery Computer equipment Office building September 12 February 10 April 2 $ 1,360,000 400,000 515,000 $ 2,275,000 Total b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)

Required information [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2019, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery Computer equipment Office building September 12 February 10 April 2 $ 1,360,000 400,000 515,000 $ 2,275,000 Total b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2019 on the assets it placed in service in 2019, assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)

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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Assume that Sivart Corporation has 2024 taxable income of $1,750,000 for purposes of computing the §179 expense and acquired several assets during the year. Assume the delivery truck does not qualify for bonus depreciation. asset recover in service date basis machinery 7 june 12 1,440,000 computer equip 5 feb. 10 70,000 used delivery truck 5 august 21 93,000 furniture 7 april 2 310,000 total 1,913,000 question: What is the maximum TOTAL depreciation (179, bonus, MACRS) that they may deduct in 2024? I have attached the MACRS table 1. NOTE: 179: 2024, 179 expense rules: in 2024, 179 expense allows a business to expense up to 1,220,000 of qualified property placed in 2024. The maximum amount of qualified property placed in service in 24 over a 3,050,000 threshold. THE 179 is also limited to taxable income before the 179 expense. BONUS: the bonus percentage is 60 percent in 2024, and TRUCK does not qualify.
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Required information (The following information applies to the questions displayed below.) Assume that TDW Corporation (calendar year-end) has 2021 taxable income of $698,000 for purposes of computing the 5179 expense. The company acquired the following assets during 2021: Placed in Asset Service Basin Hachinery Computer equipnent September 12 February 10 April 2 $ 2,276,000 270, 800 890,200 Furniture Total $3,437,000 b. What is the maximum total depreciation, Including 5179 expense, that TDW may deduct in 2021 on the assets it placed in service in 2021, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Madmum total depreciation deduction (including 5170 expense) 620,604
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Chaz Corporation has taxable income in 2023 of $1,312,350 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 Maximum total depreciation deduction Basis $ 794,000 944,000 82,000 1,513,000 $ 3,333,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (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.
! Required information [The following information applies to the questions displayed below.] Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $682,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $ 2,274,000 268,200 886,800 $ 3,429,000 b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense) Check m
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Chaz Corporation has taxable income in 2023 of $1,312,650 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 Basis $ 806,000 956,000 94,000 1,525,000 $ 3,381,000 What is the maximum total depreciation deduction that Chaz may deduct in 2023? (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.
Assume that TDW Corporation (calendar-year-end) has 2023 taxable income of $652,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4. and Table 5.) Asset Machinery Computer equipment Furniture Total Placed in Service September 12 February 10 April 2 Basis $2,270,250 263,325 880,425 $ 3,414,000 Problem 10-57 Part b (Algo) b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2023 on the assets it placed in service in 2023, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Maximum total depreciation deduction (including §179 expense)
Which assets depreciate?
Subject: accounting