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 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)
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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)
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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.
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 Placed in Service Machinery September 12 Computer equipment Office building February 10 April 2 Basis $ 1,550,000 365,000 480,000 Total $ 2,395,000 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?
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Placed in Asset Service Basis Machinery September 12 $ 1,360,000 Computer equipment February 10 400,000 Office building April 2 515,000 Total $ 2,275,000 a. What is the maximum amount of §179 expense AMP may deduct for 2020? b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
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Please don't give answer & formulae in image based format.. thanku
! 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 a. What is the maximum amount of $179 expense AMP may deduct for 2023? Basis $ 1,310,000 375,000 490,000 $ 2,175,000 $1,050,000
AMP Corporation (calendar-year-end) has 2023 taxable income of $1,800,000 for purposes of computing the §179 expense. During 2023, AMP acquired the following assets: Asset Placed in Service Basis Machinery (7-year) May 12 $ 700,000 Furniture (7-year) March 15 400,000 Computer equipment February 10 200,000 Office building April 2 1,100,000 Total $ 2,300,000 What is the maximum amount of §179 expense AMP may deduct for 2023? What is AMP's §179 carryforward to 2024, if any?