The Section 179 election promotes which of the following tax concept(s) or doctrine(s)?
I.Claim of Right Doctrine.
II.Administrative Convenience Concept.
III.Tax benefit rule.
IV.Substance-Over-Form Doctrine.

A)Only statement I is correct.
B)Only statement II is correct.
C)Statements I, II, and IV are correct.
D)Statements II and IV are correct.
E)Statements I, II, III, and IV are correct.

Question

The Section 179 election promotes which of the following tax concept(s) or doctrine(s)?
I.Claim of Right Doctrine.
II.Administrative Convenience Concept.
III.Tax benefit rule.
IV.Substance-Over-Form Doctrine.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Statements I, II, and IV are correct.
D)Statements II and IV are correct.
E)Statements I, II, III, and IV are correct.

Quizplus · Accepted Answer

The Section 179 election allows businesses to deduct the full purchase price of qualifying equipment and/or software within the tax year it is purchased, rather than depreciating it over time. This primarily promotes the Administrative Convenience Concept by simplifying tax reporting and reducing administrative burdens on both businesses and the IRS.

The Section 179 Election Promotes Which of the Following Tax