Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) (Round final answer to the nearest whole number.) Multiple Choice $1,050,000 $498,864 $467,426 $666,926 None of the choices are correct.
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) (Round final answer to the nearest whole number.) Multiple Choice $1,050,000 $498,864 $467,426 $666,926 None of the choices are correct.
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 23CE
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Question
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,470,500 on June 6, 2021. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum
Multiple Choice
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$1,050,000
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$498,864
-
$467,426
-
$666,926
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None of the choices are correct.
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