8. Generally, if the total amount of qualified $179 property placed in service in 2020 exceeds $2,590,000, the maximum amount that may be expensed under $179 is reduced. Thus, if a taxpayer placed $2,630,000 of eligible property in service in 2020, the maximum amount that may be expensed under $179 in 2020 is which one of the following? A. $1,000,000 B. $1,040,000 C. $40,000 9. Which one of the following statements regarding $179 is CORRECT? A. To properly elect the $179 expensing of tangible qualified property, a taxpayer must attach a written statement to the return notifying the IRS of the election. B. To properly elect the $179 expensing of tangible qualified property, a taxpayer must complete Part 1 of Form 4562. C. To properly elect the $179 expensing of tangible qualified property, a taxpayer must certify which specific assets will be deducted under the election prior to placing the asset in service. 10. Which of the following items CORRECTLY identifies a significant change to bonus additional first-year depreciation (AFYD) included within the Tax Cuts and Jobs Act of 2017? A. Bonus AFYD has been made permanent. B. Used property acquisitions qualify for bonus AFYD. C. Bonus AFYD is limited to a total deduction of $1,040,000