NLT Inc. purchased only one item of tangible personalty in 2020. The cost of the item was $24,000. NLT's taxable income before any Section 179 deduction was $7,100. NLT can elect Section 179 for only $7,100 of the cost of the property.

Question

Quizplus · Accepted Answer

The Answer of NLT Inc. purchased only one item of tangible personalty in 2020. The cost of the item was $24,000. NLT's taxable income before any Section 179 deduction was $7,100. NLT can elect Section 179 for only $7,100 of the cost of the property.

NLT Inc Purchased Only One Item of Tangible Personalty in 2020