Firefly, Inc.problem, acquires business equipment in July 2010 for $535,000.problem

a.problem What is Fireflys maximum Section 179 deduction for 2010? Explain.problem

b.problem What happens to any portion of the annual limit not deducted in 2010? Explain.problem

c.problem What is the depreciable basis of the equipment? Explain.problem In 2010, Terrell, Inc.problem, purchases machinery costing $548,000.problem Its 2010 taxable income before considering the Section 179 deduction is $125,000.problem

a.problem What is Terrells maximum Section 179 deduction in 2010? Explain.problem

b.problem What is the depreciable basis of the equipment?