Short Answer
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2016 machinery and equipment (7-year property) with a basis of $850,000. Assume that Olney has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing, rounded to the nearest whole number (but ignoring bonus expensing). Assume the 2015 §179 limits are identical to 2016.
Correct Answer:
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$550,015
Explanation: The $500,000 §179 ...View Answer
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Correct Answer:
Verified
Explanation: The $500,000 §179 ...
View Answer
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