Label the following as "True" or "False" regarding the definition of business income as it is used in limiting the 5 179 expensing amount. a. The taxable income computation for purposes of the § 179 limit includes the deduction for MACRS. b. Taxable income of a trade or business is computed without regard to the amount expensed under § 179. c. The aggregate amount of taxable income includes net income from a trade or business as well as from the production of income activities. d. The taxable income computation for purposes of the § 179 limit excludes the deduction for additional first-year depreciation.
Label the following as "True" or "False" regarding the definition of business income as it is used in limiting the 5 179 expensing amount. a. The taxable income computation for purposes of the § 179 limit includes the deduction for MACRS. b. Taxable income of a trade or business is computed without regard to the amount expensed under § 179. c. The aggregate amount of taxable income includes net income from a trade or business as well as from the production of income activities. d. The taxable income computation for purposes of the § 179 limit excludes the deduction for additional first-year depreciation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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