On March 1, Harry Corporation (a calendar-year taxpayer) purchased and placed in service office furniture costing $550,000.

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On March 1, Harry Corporation (a calendar-year taxpayer) purchased and placed in service office furniture costing $550,000. Compute the maximum amount Harry Corporation can elect to expense under Section 179 for the furniture if

a. This is the only asset placed in service this year by Harry Corporation. 

b. In addition to the $550,000 of office furniture, Harry Corporation also acquired and placed in service $980,000 of factory equipment during the year.

c. In addition to this $550,000 of office furniture, Harry Corporation also acquired and placed in service $1,860,000 factory equipment during the year.

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Related Book For  book-img-for-question

Taxation For Decision Makers 2017

ISBN: 9781119330417

2017 Edition

Authors: Shirley Dennis-Escoffier, Karen A. Fortin

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