Essay
In August 2017,Tianshu acquires and places into service 7-year business equipment (tangible personal property qualifying under Sec.179,but not for bonus depreciation)for $70,000.This is the only asset that she purchased during the year; her taxable income from her trade or business is $23,000.She decides to limit her Sec.179 election to the maximum amount currently deductible in her business for the current year.What is her maximum cost recovery (Sec.179 and depreciation)deduction for 2017?
Correct Answer:
Verified
Correct Answer:
Verified
Q34: Sec.179 tax benefits are recaptured if at
Q47: Taxpayers are entitled to a depletion deduction
Q60: A calendar-year taxpayer places in service one
Q76: Expenditures that enlarge a building,any elevator or
Q79: On May 1,2008,Empire Properties Corp. ,a calendar-year
Q80: Personal property used in a rental activity
Q80: The basis of an asset must be
Q82: In the current year George,a college professor,acquired
Q83: This year Bauer Corporation incurs the following
Q86: On January 3,2014,John acquired and placed into