Personal property used in a rental activity held for investment qualifies for the Section 179 expensing election.
Correct Answer:
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Q3: MACRS recovery property includes tangible personal and
Q4: If personal-use property is converted to trade
Q5: Sec.179 tax benefits are recaptured if at
Q6: A calendar-year taxpayer places in service one
Q8: On its tax return,a corporation will use
Q9: If at least 50% of the aggregate
Q13: The basis of an asset must be
Q14: Intangible assets are subject to MACRS depreciation.
Q15: Under the MACRS rules,salvage value is not
Q17: Depreciable property includes business,investment,and personal-use assets.
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