Taxpayers choosing the Section 179 election to expense: a.May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense. b.May expense a $125,000 automobile so long as it is used 100 percent for business. c.May not carry over any amounts elected which are not allowed because of taxable income limitations. d.Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.
Taxpayers choosing the Section 179 election to expense: a.May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense. b.May expense a $125,000 automobile so long as it is used 100 percent for business. c.May not carry over any amounts elected which are not allowed because of taxable income limitations. d.Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 12CE
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Taxpayers choosing the Section 179 election to expense:
a.May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense.
b.May expense a $125,000 automobile so long as it is used 100 percent for business.
c.May not carry over any amounts elected which are not allowed because of taxable income limitations.
d.Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit.
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