Question
In: Accounting
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 expense, including §179 expense, that AMP may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation? (Round your answer to the nearest whole dollar amount.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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...
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...
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 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 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,...
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?
Chaz Corporation has taxable income in 2017 of $356,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $356,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
1,240,000
Computer equipment
February 10
928,000
Delivery truck
August 21
64,000
Total
$
2,232,000
What is the maximum total depreciation expense that
Chaz may deduct in 2017? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Round your answer to the nearest...
Chaz Corporation has taxable income in 2017 of $406,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2017 of $406,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
1,180,000
Computer equipment
February 10
916,000
Delivery truck
August 21
58,000
Total
$
2,154,000
What is the maximum total depreciation expense that
Chaz may deduct in 2017? (Use MACRS Table 1, Table 2, Table 3,
Table 4 and Table 5.) (Round your answer to the nearest...
Chaz Corporation has taxable income in 2019 of $364,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2019 of $364,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Asset
Placed in Service
Basis
Office Furniture
September 12
$701,000
Computer Equipment
February 10
$932,000
Delivery Truck
August 21
$66,000
Qualified improvement
September 30
$1,533,000
Total
$3,232,000
What is the maximum total depreciation deduction that Chaz may
deduct in 2019? (Use MACRS Table 1, Table 2, Table 3, Table 4 and
Table 5.) (Round your answer...
Chaz Corporation has taxable income in 2019 of $368,000 for purposes of computing the §179 expense...
Chaz Corporation has taxable income in 2019 of $368,000 for
purposes of computing the §179 expense and acquired the following
assets during the year:
Placed in
Asset
Service
Basis
Office furniture
September 12
$
691,000
Computer equipment
February 10
934,000
Delivery truck
August 21
67,000
Qualified improvement property
September 30
1,535,000
Total
$
3,227,000
What is the maximum total depreciation deduction that
Chaz may deduct in 2019?
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