Ramsey Corporation acquired a machine (7-year property) on December 31, 2017, at a cost of...
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Ramsey Corporation acquired a machine (7-year property) on December 31, 2017, at a cost of $2230000. Ramsey Corproation has a taxable income from its business in 2017 of $1000000 and elects to expense the maximum amount under section 179 but elects out of bonus depreciation for the machine. Compute Ramsey's allowable expensing deduction under Section 179 and MACRS depreciation deduction for the machine for 2017. Assume the machine is the only depreciable personal property acquired by Ramsey Corporation during 2017.
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