Articles on tax topics are often useful in understanding the income tax law. CPA firms and other organizations publish tax articles on the Internet. Using a search engine or one of the tax directory sites provided in Exhibit, find an article that discusses the Section 179 election to expense. Trace the process you used to find the article (search engine or tax directory used and key words). Summarize the information contained in the article.
Answer to relevant QuestionsExplain the difference between tangible property and intangible property.List some costs that are normally expensed that must be capitalized when a taxpayer self-constructs an asset for use in a trade or business.When is the alternate valuation date for valuing inherited property? When elected, are all assets valued on the alternate date? Explain.Hannibal owns a farm. He purchases a tractor in 2007 at a cost of $25,000.Because 2007 is a bad year, he does not deduct any depreciation on the tractor in 2007. He sells the tractor in 2011 for $16,000. He takes ...Search the Internet for articles relating to the amortization of intangible assets. Trace the process you used to find the article (search engine or tax directory used). Summarize the information found in your research.
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