Tom has a successful business with $100,000 of taxable income before the election to expense in 2016.
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Tom has a successful business with $100,000 of taxable income before the election to expense in 2016. He purchases one new asset in 2016, a new machine which is 7-year MACRS property and costs $25,000. If you are Tom's tax advisor, how would you advise Tom to treat the purchase for tax purposes in 2016? Why?
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Tom should expense the machine under the Section 179 election to expense Unde...View the full answer
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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