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Last year, Jack had a Section 179 deduction carryover of $8,000. In the current year, he elected Section 179 for an asset acquired at a
Last year, Jack had a Section 179 deduction carryover of $8,000. In the current year, he elected Section 179 for an asset acquired at a cost of $10,000. Jacks net income for the current year is $15,000. Determine Jacks Section 179 deduction for the current year (assume no other income). Assuming Jack's enterprise was much more successful and his purchase was more expensive, what is the maximum Section 179 deduction that could potentially be available and under what circumstances would the maximum amount be reduced?
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