McKenzie purchased qualifying equipment for his business that cost $212,000 in 2015. The taxable income of the
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McKenzie purchased qualifying equipment for his business that cost $212,000 in 2015. The taxable income of the business for the year is $5,600 before consideration of any § 179 deduction. Calculate McKenzie's § 179 expense deduction for 2015 and any carryover to 2016.
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Assuming that Congress extends the 2014 amounts to 2015 179 permits the taxpayer to elec...View the full answer
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Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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