What strategies will help a business maximize its current cost recovery deductions (including Section 179, MACRS, and Bonus). Incorporate the following in your discussion:

- Define the three cost recovery deductions for tangible personal property available to a taxpayer.

- Explain the two limitations placed on the Section 179 deduction. How are they alike and different?

- Discuss how the property limitation restricts large businesses from taking the Section 179 expense.

- What is qualified improvement property and what is its significance to the various cost recovery deductions available to taxpayers.