Jennifer owns a 40 interest in the Thomas Partnership She also owns and operates an architectural consulting business During the current year, the partnership purchases $516,000 worth of property qualifying under Section 179 and elects to expense $500,000 Jennifer purchases $301,200 worth of qualif...

Each partner will be allocated hisher proportionate share of the 500000 expense election Each partne ...

Jennifer owns a 40% interest in the Thomas Partnership. She also owns and operates an architectural consulting

Question:

Jennifer owns a 40% interest in the Thomas She also owns and operates an architectural consulting business. During the current year, the purchases $516,000 worth of property qualifying under Section 179 and elects to expense $500,000. Jennifer purchases $301,200 worth of qualifying Section 179 property for use in her architectural consulting business. Write a letter to Jennifer explaining what she should do to maximize her cost recovery.

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...