QuickHelper

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Category > Law Posted 23 Sep 2017 My Price 5.00

In 2014, Andrew, a calendar-year taxpayer,

In 2014, Andrew, a calendar-year taxpayer, purchased business equipment (5-year
property) for $175,000. The property was placed in service in January 2014 (and is
being used exclusively in Andrew’s extremely profitable business). No other
personal property is purchased by Andrew in 2014. What is the most that Andrew
may deduct in 2014 under Section 179 of the Code (ignore any potential deductions
resulting from bonus deprecation or MACRS)?
a. $2,000,000
b. $175,000
c. $15,000
d. $0

assume
the same facts as in the previous question. However, for this question, assume that
Andrew purchased the business equipment for $2,200,000 (instead of $175,000).
What is the most that may be deducted in 2014 under Section 179 of the Code
(ignore any potential deductions resulting from bonus deprecation or MACRS)?
a. $2,000,000
b. $500,000
c. $300,000
d. $0

Answers

QuickHelper
(10)
Status NEW Posted 23 Sep 2017 05:09 PM My Price 5.00

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