Question
25.Firegly, Inc, acquires business equipment in July 2016 for $2,005,000. a.What is Firefly's maximum Section 179 deduction for 2016? Explain b. What happens to any
25.Firegly, Inc, acquires business equipment in July 2016 for $2,005,000.
a.What is Firefly's maximum Section 179 deduction for 2016? Explain
b. What happens to any portion of the annual limit not deducted in 2016? Explain
c.What is depreciable basis of the equipment? Explain
27, In 2016, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2016, he has $12,000 in taxable income from his business.
a. What is Theo's maximum Section 179 deduction in 2016? Explain
b.Theo's business taxable income for 2017 is $5000. He purchases $1,000 of new Section 179 property in 2017. What is Theo's maximum section 179 deduction for 2017?
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Stand Up To The Irs How To Handle Audit Tax Bill And Tax Count
Authors: Frederick W. Daily, Robin Leonard
1st Edition
0873373375, 978-0873373371
