Essay
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2020, 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.)
Correct Answer:
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$1,081,441.
The $1,040,000 §179 expense ...View Answer
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Correct Answer:
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The $1,040,000 §179 expense ...
View Answer
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