In 2021, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2021,
Question:
In 2021, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2021, he has $12,000 in taxable income from his business. Assume that Theo elects not to claim bonus depreciation.
a. What is Theo's maximum Section 179 deduction in 2021? Explain
b. Theo's business taxable income for 2021 (Typo-Should be 2022) is $5,000. He purchases $1,000 of new Section 179 property in 2021 (Typo-Should be 2022). What is Theo's maximum Section 179 deduction for 2021 (Typo-Should be 2022)?
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a The taxable income limitation applies to this scenario That is the maximum Section 179 deduction i...View the full answer
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Related Book For 
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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