Chahana acquired and placed in service $665,000 of equipment on August 1,2017 for use in her sole proprietorship.The equipment is 5-year recovery property.No other acquisitions are made during the year.Chahana elects to expense the maximum amount under Sec.179.Assuming the property does not qualify for bonus depreciation,Chahana's total deductions for the year (including Sec.179 and depreciation) are
A) $510,000.
B) $133,000.
C) $643,000.
D) $543,000.
Correct Answer:
Verified
Q44: Sophie owns an unincorporated manufacturing business.In 2017,she
Q44: Which of the following statements regarding Sec.179
Q45: Quattro Enterprises,a calendar-year taxpayer,leases the twentieth floor
Q46: Richards Corporation reports taxable income exceeding $1.5
Q47: On April 12,2016,Suzanne bought a computer for
Q48: Terra Corporation,a calendar-year taxpayer,purchases and places into
Q49: For real property placed in service after
Q50: Caitlyn purchases and places in service property
Q53: Ilene owns an unincorporated manufacturing business.In 2017,she
Q54: Trenton Corporation places in service $10 million
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents