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 5179 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 Maximum $170 expense deductible Basis September 12 $ 1,490,000 February 10 April 2 465,000 580,000 $ 2,535,000 a. What is the maximum amount of 5179 expense AMP may deduct for 2023?

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 5179 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 Maximum $170 expense deductible Basis September 12 $ 1,490,000 February 10 April 2 465,000 580,000 $ 2,535,000 a. What is the maximum amount of 5179 expense AMP may deduct for 2023?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 1BD

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LO.4, 7 In December 2019, Carl Corporation sold land it held as an investment. The corporation received 50,000 in 2019 and a note payable (with adequate interest) for 150,000 to be paid in 2021. Carl Corporations cost of the land was 80,000. The corporation has a 90,000 net capital loss carryover that will expire in 2019. Should Carl Corporation report the sale in 2019 or use the installment method to report the income as payments are received?
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 Placed in 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 2023?
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 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 2022?
[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 September 12 $ 1,440,000 Computer equipment February 10 440,000 Office building April 2 555,000 Total $ 2,435,000 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.)
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 assuming no bonus depreciation?
Assume that Timberline Corporation has 2022 taxable income of $246,000 for purposes of computing the §179 expense. It acquired the following assets in 2022: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Asset Purchase Date Basis Furniture (7-year) December 1 $ 432,000 Computer equipment (5-year) February 28 96,000 Copier (5-year) July 15 36,000 Machinery (7-year) May 22 486,000 Total $ 1,050,000 What would Timberline's maximum depreciation deduction be for 2022 if the machinery cost $3,560,000 instead of $486,000 and assuming no bonus depreciation?