Essay
Olney LLC only purchased one asset this year.Olney LLC placed in service on July 19, 2019, machinery and equipment (seven-year property)with a basis of $1,330,000.Assume that Olney has sufficient income to avoid any limitations.Calculate the maximum depreciation deduction, including §179 expensing (but ignoring bonus depreciation).(Use MACRS Table 1.)(Round final answer to the nearest whole number.)
Correct Answer:
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$1,064,299.
The $1,020,000 §179 expense ...View Answer
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Correct Answer:
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The $1,020,000 §179 expense ...
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