If a sole proprietor pays an independent contractor $ or more during one calendar year, they must issue \$400: Form 1099-MISC \$400; Form T099-NEC \$600: Form 1099-MISC \$600; Form 1099-NEC Mark for follow up Question 3 of 35 . What does the Section 179 deduction allow for a business? The cost of the asset to be listed as materials and supplies on the Schedule C in the year the asset is placed in service. An automatic deduction of 100% of the cost of the asset in the year the asset is placed in service. The business to claim up to 50% of the cost of the asset in the year the asset is placed in service. The business to claim all or some of the cost of the asset in the year the asset is placed in service. Mark for follow up