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PLEASE HELP Loni Company paid $527,000 for tangible personalty in 2017 and elected to expense $510,000 of the cost (the limited dollar amount for 2017).
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Loni Company paid $527,000 for tangible personalty in 2017 and elected to expense $510,000 of the cost (the limited dollar amount for 2017). Loni's taxable income before a Section 179 deduction was $394,100. Loni paid $23,700 for tangible personalty in 2018 and elected to expense the entire cost. Loni's taxable income before a Section 179 deduction was $228,000. Use Table 7-2 a. Compute Loni's Section 179 deduction and taxable income for 2017. b. Compute Loni's Section 179 deduction and taxable income for 2018Step by Step Solution
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