In 2017, Jed James began planting a vineyard. The costs of the land preparation, labor, rootstock, and
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In 2017, Jed James began planting a vineyard. The costs of the land preparation, labor, rootstock, and planting were capitalized. The land preparation costs do not include any nondepreciable land costs. In 2021, when the plants became viable, Jed placed the vineyard in service. Jed wants to know whether he can claim a deduction under § 179 on his 2021 income tax return for the 2017 costs for planting the vineyard.
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Jed may not claim a deduction under 179 on his 2021 inco...View the full answer
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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