Monicon Corporation purchased a $24,000 computer in 2010 and elected to expense it under Section 179. In

Question:

Monicon purchased a $24,000 computer in 2010 and elected to expense it under Section 179. In 2013, the IRS audited Monicon and determined that its taxable income was incorrectly calculated and was only $20,000 before considering Section 179 expensing instead of the $24,000 reported on its 2010 tax return.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...