A taxpayer purchases $25,000 worth of property that qualifies for the Section 179 deduction during the current

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A taxpayer purchases $25,000 worth of property that qualifies for the Section 179 deduction during the current year. The taxpayer would like to deduct the greatest depreciation expense possible (including the Section 179 deduction) on the property. Indicate how the depreciation expense should be determined:
a. An individual
b. A An S A 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... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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To take a deduction under Sec 179 the property must be used in a trade or business of the taxpayer I...View the full answer

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