1. Currently, there is a $10,000 cap on deductible state and local taxes (SALT) by individual taxpayers on Schedule A, Itemized Deductions.

Group of answer choices

True

False

2. Section 168 (bonus depreciation) and Section 179 (immediate expensing) were enacted to stimulate the economy by providing small businesses with incentives to purchase qualified property.

Group of answer choices

True

False

3. The qualified business income (QBI) 20% deduction by individual taxpayers was enacted to provide tax relief to business income that is normally taxed as high as 37%, while C corporations business income enjoy the 21% flat tax rate.

Group of answer choices

True

False