Multiple Choice
Ilene owns an unincorporated manufacturing business.In 2014,she purchases and places in service $206,000 of qualifying five-year equipment for use in her business.Her taxable income from the business before any Sec.179 deduction is $17,000.Elaine takes the maximum allowable deduction under section 179.Which of the following statements is true regarding the Sec.179 election?
A) Ilene can deduct $25,000 as a section 179 deduction in 2014,with no carryover to next year.
B) Ilene can deduct $19,000 as a section 179 deduction in 2014.
C) IIene can deduct $17,000 as a section 179 deduction in 2014; $2,000 may be carried over to next year.
D) Ilene can deduct $17,000 as a section 179 deduction in 2014 ,with no carryover to next year.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: Intangible assets are subject to MACRS depreciation.
Q35: Capital improvements to real property must be
Q45: Cate purchases and places in service property
Q49: In January of 2014,Brett purchased a Porsche
Q53: Harrison acquires $65,000 of 5-year property in
Q55: Land,buildings,equipment,and stock are examples of tangible property.
Q58: If the business use of listed property
Q59: Eric is a self-employed consultant.In May of
Q59: Unless an election is made to expense
Q74: Bert,a self-employed attorney,is considering either purchasing or