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Columbia LLC Only Purchased One Asset This Year

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Columbia LLC only purchased one asset this year. Columbia LLC placed in service on October 9,2017 machinery and equipment (7-year property) with a basis of $2,150,000. Assume that Columbia has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but ignoring bonus expensing) for the year. (Use MACRS Table 2 in thetext) (Round final answer to the nearest whole number) Columbia LLC only purchased one asset this year. Columbia LLC placed in service on October 9,2017 machinery and equipment (7-year property) with a basis of $2,150,000. Assume that Columbia has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but ignoring bonus expensing) for the year. (Use MACRS Table 2 in thetext) (Round final answer to the nearest whole number)


Definitions:

Above-The-Line Deduction

Deductions from gross income that occur before the calculation of the taxpayer's adjusted gross income.

Adjusted Gross Income

An individual's total gross income minus specific deductions, crucial for determining taxable income and eligibility for certain tax benefits.

AGI

Adjusted Gross Income, calculated as gross income minus certain adjustments, serving as the basis for various tax calculations.

Self-Employment Tax

A financial charge on self-employed persons to fund their Social Security and Medicare benefits.

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