Which of the following statements is correct with respect to Section 179 deductions?

Question

Quizplus · Accepted Answer

Section 179 deductions were indeed designed to assist small businesses by allowing them to expense the cost of qualifying assets in the year of purchase rather than depreciating them over several years. The deduction limit has been updated over time, and as of the last update, businesses can expense up to $1,000,000 of property placed in service during the tax year, subject to certain limitations and thresholds. Therefore, all the provided statements are correct in the context of Section 179 deductions.

Which of the Following Statements Is Correct with Respect to Section