Question
In: Accounting
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
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 | $ | 1,300,000 |
| Computer equipment | February 10 | 370,000 | |
| Office building | April 2 | 485,000 | |
| Total | $ | 2,155,000 | |
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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ekkarill92 answered 1 year agoRelated Solutions
AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense....
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:
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,320,000
Computer equipment
February 10
380,000
Office building
April 2
495,000
Total
$
2,195,000
1.What is the maximum amount of §179 expense AMP may deduct for
2020?
2.What is the maximum total depreciation, including §179
expense, that AMP may deduct in 2020 on the assets it placed in...
AMP Corporation (calendar-year-end) has 2019 taxable income of $1,900,000 for purposes of computing the §179 expense....
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
September 12
$
1,550,000
Computer equipment
February 10
365,000
Office building
April 2
480,000
Total
$
2,395,000
a. What is the maximum amount of §179 expense
AMP may deduct for 2019?
b. What is the maximum total...
AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the §179 expense....
AMP Corporation
(calendar-year-end) has 2017 taxable income of $900,000 for
purposes of computing the §179 expense. During 2017, 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
$
1,310,000
Computer equipment
February 10
375,000
Office building
April 2
490,000
Total
$
2,175,000
a.
What is the maximum amount of §179 expense AMP may deduct for
2017?
b.
What is the maximum total depreciation...
AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the §179 expense....
AMP Corporation (calendar-year-end) has 2017 taxable income of
$900,000 for purposes of computing the §179 expense. During 2017,
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 $ 1,460,000 Computer equipment February 10
450,000 Office building April 2 565,000 Total $ 2,475,000 a. What
is the maximum amount of §179 expense AMP may deduct for 2017? b.
What is the maximum total depreciation...
Chaz Corporation has taxable income in 2020 of $372,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2020 of $372,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
681,000
Computer equipment
February 10
936,000
Delivery truck
August 21
68,000
Qualified improvement property
September 30
1,537,000
Total
$
3,222,000
What is the maximum total depreciation deduction that
Chaz may deduct in 2020? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.)...
Assume AMP Corporation (calendar year end) has 2017 taxable income of $900,000 for purposes of computing...
Assume AMP Corporation (calendar year end) has 2017 taxable
income of $900,000 for purposes of computing the §179 expense.
During 2017, AMP acquired the following assets:
Placed in
Asset
Service
Basis
Machinery
September 12
$
1,550,000
Computer equipment
February 10
365,000
Office building
April 2
480,000
Total
$
2,395,000
a.
What is the maximum amount of §179 expense AMP may deduct for
2017?
b.
What is the maximum total depreciation expense, including §179
expense, that AMP may deduct in 2017...
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $650,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020
taxable income of $650,000 for purposes of computing the §179
expense. The company acquired the following assets during 2020:
(Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset Service Basis
Machinery September 12 $ 2,270,000
Computer equipment February 10 263,000
Furniture April 2 880,000
Total $ 3,413,000
a. What is the maximum amount of §179 expense TDW may deduct
for 2020?
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $654,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020 taxable
income of $654,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2020: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,270,500
Computer equipment
February 10
263,650
Furniture
April 2
880,850
Total
$
3,415,000
a. What is the maximum amount of §179 expense
TDW may deduct for 2020?
Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $656,000 for purposes of computing the...
Assume that TDW Corporation (calendar-year-end) has 2020 taxable
income of $656,000 for purposes of computing the §179 expense. The
company acquired the following assets during 2020: (Use MACRS Table
1, Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
Machinery
September 12
$
2,270,750
Computer equipment
February 10
263,975
Furniture
April 2
881,275
Total
$
3,416,000
a. What is the maximum amount of §179 expense
TDW may deduct for 2020?
b. What is the maximum...
Chaz Corporation has taxable income in 2017 of $361,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $361,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in Asset Service Basis
Office furniture September 12 $ 1,200,000
Computer equipment February 10 920,000
Delivery truck August 21 60,000
Total $ 2,180,000
What is the maximum total depreciation expense that Chaz may
deduct in 2017?
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