Question 20 of 30 TCJA changes the rules regarding Section 179 deductions to include: The phaseout threshold that begins at $5,500,000 A maximum deduction of up to $1,000,000 Removal of the allowance for Section 179 deductions for nonresidential real property improvements such as fire protection and alarm systems Used property if it is the taxpayer's first use Mark for follow up Question 21 of 30. As a result of TCJA the rules for like-kind exchanges were changed. The law affects: Individuals, C corporations, S corporations, partnerships (general or limited), limited liability companies, trusts, and any other taxpaying entity C corporations, S corporations, partnerships (general or limited), limited liability companies, trusts, but not individuals Individuals, S corporations, partnerships (general or limited), limited liability companies, trusts, but not C corporations Individuals, C corporations, S corporations, partnerships (general or limited), trusts, but not limited liability companies. Mark for follow up Question 22 of 30. TCJA changed the depreciation rules for new farm machinery and equipment. The change includes: The recovery period changing from 5 years to 7 years