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    Principles of Taxation
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    Exam 7: Property Acquisitions and Cost Recovery Deductions
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    NLT IncPurchased Only One Item of Tangible Personalty in 2019
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NLT IncPurchased Only One Item of Tangible Personalty in 2019

Question 101

Question 101

True/False

NLT Inc.purchased only one item of tangible personalty in 2019.The cost of the item was $24,000.NLT's taxable income before any Section 179 deduction was $7,100.NLT can elect Section 179 for only $7,100 of the cost of the property.

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