Olney LLC Only Purchased One Asset This Year

question 8

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.)

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Definitions:

Role

The function or position that an entity typically occupies or is expected to occupy within a particular context or system.

Biological Information

Data related to the genetic and molecular processes within living organisms.

Gelatin Dessert

A sweet, flavored food made from gelatin and used as a dessert.

Protein Denaturation

Protein denaturation is the process by which proteins lose their tertiary structure and function due to external stresses like heat, acids, or bases, often being irreversible.