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AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the 179...

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Accounting

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 $ 1,520,000
Computer equipment February 10 480,000
Office building April 2 595,000
Total $ 2,595,000

a. What is the maximum amount of 179 expense AMP may deduct for 2017?

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