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Calculate the amount of the phase out limitation

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Reference no: EM132531258

Question - Jeremy is the sole proprietor of a small business. In 2019, the business income for purposes of computing the Section 179 deduction is $350,000. During the year, the following assets were placed in service. (Assume no bonus depreciation)

Asset # 1 - Machinery - $1,790,000

Asset # 2 - Equipment - $365,000

Asset # 3 - Computer - $96,000

Asset # 4 - Equipment - $468,000

Required -

a) Calculate the amount of the phase out limitation?

b) What is the maximum amount of Section 179 depreciation Frank is eligible to take?

Reference no: EM132531258

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