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 BasisMachinery September 12 $ 1,340,000Computer equipment February 10 390,000Office building April 2 505,000Total $ 2,235,000What 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.)

In the United States, the current tax depreciation scheme is known as the Modified Accelerated Cost Recovery System (MACRS). The MACRS method of depreciation provides for bigger deductions in the early years of an asset's life and smaller deductions later on.

Explanation:

The following is the computation for calculating the maximum total depreciation:

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$11,512,913.95

Explanation:

The computation of the maximum total depreciation is shown below:  

Assets        MACRS life   Original basis   Section 179 expense  Remaining basis

Machinery      7 years     $1,340,000       $1,020,000                 $320,000

Computer

equipment     5 years     $390,000                                             $390,000

Office

Equipment    39 years    $505,000                                            $505,000

Now the maximum depreciation is

Remaining               MACRS Rate         Depreciation

$320,000                14.29%                   $45,728

$390,000                20%                        $78,000

$505,000                1.819%                    $9,185.95

So, the total value is                              $132,913.95

So, the maximum depreciation is

= $1,020,000 + $132,913.95

= $11,512,913.95

Refer to the MACRS table

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