Taxpayers choosing the Section 179 election to expense: a. Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit. b. May not carry over any amounts elected which are not allowed because of taxable income limitations. c. May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense. d. May expense a $125,000 automobile so long as it is used 100 percent for business.

Taxpayers choosing the Section 179 election to expense: a. Will have the maximum that can be expensed under the election reduced by $0.50 for each dollar by which the cost of the asset acquired exceeds a specified limit. b. May not carry over any amounts elected which are not allowed because of taxable income limitations. c. May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense. d. May expense a $125,000 automobile so long as it is used 100 percent for business.

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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