Question: Under IRS Section 1 7 9 , farmers can deduct the full purchase price of certain equipment in the year it was placed in service.

Under IRS Section 179, farmers can deduct the full purchase price of certain equipment in the year it was placed in service. If a farmer buys a tractor for $350,000, a combine for $350,000, and a sprayer for $500,000, what is the maximum amount they can deduct under Section 179 for Tax Year 2024? $1,200,000 $1,220,000 $3,050,000 $3,780,000

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