Loni Company paid $527,000 for tangible personalty in 2017 and elected to expense $510,000 of the cost
Question:
Loni Company paid $527,000 for tangible personalty in 2017 and elected to expense $510,000 of the cost (the limited dollar amount for 2017). Loni’s taxable income before a Section 179 deduction was $394,100. Loni paid $23,700 for tangible personalty in 2018 and elected to expense the entire cost. Loni’s taxable income before a Section 179 deduction was $228,000.
a. Compute Loni’s Section 179 deduction and taxable income for 2017.
b. Compute Loni’s Section 179 deduction and taxable income for 2018.
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a In 2017 Lonis Section 179 deduction was limited to 394100 so its taxable income was zero ...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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