Littman LLC placed in service on July 29, 2022, machinery and equipment (seven-year property) with a basis of $600,000. Littman's income for the current year before any depreciation deduction was $100,000. Which of the following statements is true to maximize Littman's total depreciation deduction for 2022? (Use MACRS Table 1) Multiple Choice Littman should take §179 expense equal to the maximum $1,080,000. Littman should take no §179 expense. Littman's §179 expense will be greater than $100,000. Littman's §179 expense will be less than $100,000.
Littman LLC placed in service on July 29, 2022, machinery and equipment (seven-year property) with a basis of $600,000. Littman's income for the current year before any depreciation deduction was $100,000. Which of the following statements is true to maximize Littman's total depreciation deduction for 2022? (Use MACRS Table 1) Multiple Choice Littman should take §179 expense equal to the maximum $1,080,000. Littman should take no §179 expense. Littman's §179 expense will be greater than $100,000. Littman's §179 expense will be less than $100,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Littman LLC placed in service on July 29, 2022, machinery and equipment (seven-year property) with a basis of $600,000. Littman's income for the
current year before any depreciation deduction was $100,000. Which of the following statements is true to maximize Littman's total depreciation
deduction for 2022? (Use MACRS Table 1.)
Multiple Choice
O
O
Littman should take §179 expense equal to the maximum $1,080,000.
Littman should take no §179 expense.
Littman's §179 expense will be greater than $100,000.
Littman's §179 expense will be less than $100,000.
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