A taxpayer elects to take a bunch of different assets which would normally be capitalized and instead deduct them as expenses using the de minimis rule for tangible property under IRC Section 263A. They are able to expense $7,500 in equipment this way. How should this be handled on the State return for California?

A taxpayer elects to take a bunch of different assets which would normally be capitalized and instead deduct them as expenses using the de minimis rule for tangible property under IRC Section 263A. They are able to expense $7,500 in equipment this way. How should this be handled on the State return for California?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.

Question

A taxpayer elects to take a bunch of different assets which would normally be
capitalized and instead deduct them as expenses using the de minimis rule for
tangible property under IRC Section 263A. They are able to expense $7,500 in
equipment this way. How should this be handled on the State return for California?

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