Question 31 Which of the following regarding Sec. 170 immediate expensing election is true? Check...
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Question 31 Which of the following regarding Sec. 170 immediate expensing election is true? Check all that apply. Not yet answered Points out of 1.00 Select one or more: Flag question a. Must be tangible personal property O b. Must have a limited useful life c. Sec. 179 deduction cannot exceed taxpayer's amount of taxable income before Sec. 179 deduction O d. Sole proprietors and partners can take Sec. 179 deduction as well e. Sec. 179 deduction limit is indexed to inflation O f. Sec. 179 deduction is subject to a dollar-for-dollar phase out at a limit of total tangible assets placed in service during the tax year g. The remaining basis of qualified properties after Sec. 179 deduction can be depreciated using regular MACRS O h. Tangible personal properties that have class life of 39 years are also eligible for Sec. 179 deduction O i. Sec. 179 deduction may produce net operating losses O j. Asset must be new. The taxpayer must be the first to use the asset to elect Sec. 179 deduction on such asset Ok. Sec. 179 cannot be chosen if the taxpayer elects to use Sec. 168(k) bonus depreciation O I. There is no deduction limit of Sec. 179 deduction
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