2, LO 10-3) (Algo) applies to the questions displaye - year-end) has 2021 taxable inco
2, LO 10-3) (Algo) applies to the questions displaye - year-end) has 2021 taxable inco
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 28P
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Problem 10-56 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
AMP Corporation (calendar year-end) has 2021 taxable income of $1,900,000 for purposes of
computing the $179 expense. During 2021, AMP acquired the following assets: (Use MACRS Table 1,
Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
$ 1,530,000
Machinery
Computer equipment
Office building
September 12
February 10
April 2
485,000
600,000
Total
$ 2,615,000
Problem 10-56 Part b (Algo)
b. What is the maximum total depreciation, including §179 expense, that AMP 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.)
Maximum total depreciation (including §179 expense)
$ 1,345,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F354690be-5046-478b-acdb-02c62dd239f4%2F1260a4ca-fd1e-4b0c-bfed-d668b0132e3b%2Fxpdiyea_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 10-56 (LO 10-2, LO 10-3) (Algo)
[The following information applies to the questions displayed below.]
AMP Corporation (calendar year-end) has 2021 taxable income of $1,900,000 for purposes of
computing the $179 expense. During 2021, AMP acquired the following assets: (Use MACRS Table 1,
Table 2, Table 3, Table 4 and Table 5.)
Placed in
Asset
Service
Basis
$ 1,530,000
Machinery
Computer equipment
Office building
September 12
February 10
April 2
485,000
600,000
Total
$ 2,615,000
Problem 10-56 Part b (Algo)
b. What is the maximum total depreciation, including §179 expense, that AMP 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.)
Maximum total depreciation (including §179 expense)
$ 1,345,000
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