GM Corporation purchases equipment costing $18,000 and wants to claim the maximum deduction possible for this expenditure.

Question:

GM purchases equipment costing $18,000 and wants to claim the maximum deduction possible for this expenditure.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

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...