Matching
Using the legend provided, classify each statement accordingly. In all cases, assume that taxable income is being adjusted to arrive at current E & P for 2019.
-Section 179 expense in second year following election.
A)Increase
B)Decrease
C)No effect

Question

Quizplus · Accepted Answer

Section 179 expense is a deduction that reduces taxable income, and when adjusting taxable income to arrive at current Earnings and Profits (E&P), this deduction would decrease the E&P.

Matching Using the Legend Provided, Classify Each Statement Accordingly. in All