In 2016, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2016,
Question:
In 2016, Theo purchases $16,000 of Section 179 property for use in his delivery business. During 2016, he has $12,000 in taxable income from his business.
a. What is Theo's maximum Section 179 deduction in 2016? Explain
b. Theo's business taxable income for 2017 is $5,000. He purchases $1,000 of new Section 179 property in 2017. What is Theo's maximum Section 179 deduction for 2017?
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a The taxable income limitation applies to this scenario That is the maxim...View the full answer
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Related Book For 
Concepts In Federal Taxation 2017
ISBN: 9781305965119
24th Edition
Authors: Kevin E. Murphy, Mark Higgins
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