Mike owns all shares of Dogget, Inc., and he is a 40% shareholder of Thinkers, Inc., both

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Mike owns all shares of Dogget, Inc., and he is a 40% shareholder of Thinkers, Inc., both S corporations. During the current tax year, Dogget had $3,000,000 in net business income and purchased $1,000,000 of equipment ($300,000 section 179 deduction recognized). Thinkers had $1,500,000 in net business income and purchased $750,000 of equipment ($400,000 section 179 deduction recognized).

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What amount of section 179 deduction can Mike deduct on his 2022 personal tax return

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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Posted Date: Feb 01, 2024 03:23 AM

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Mike owns all shares of Dogget, Inc., and he is a 40% shareholder of Thinkers, Inc., both

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Fundamentals Of Taxation 2015

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