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On July 1, 2017, Ms. K, who is single and owns and operates a specialty shop, paid $30,000 for a new automobile that she uses
On July 1, 2017, Ms. K, who is single and owns and operates a specialty shop, paid $30,000 for a new automobile that she uses 60% of the time for business purposes. She purchased no other business assets in 2017. The taxable income of the business before the Sec. 179 deduction is $20,000. What is the maximum allowable Sec. 179 deduction that Ms. K may elect to take in 2015?
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The Sec 179 deduction refers to a provision in the US tax code that allows businesses to deduct the ...
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 2
1119048478, 978-1119048473
