Question 34 2.5 pts For 2020, the maximum 179 deduction is: $1,040,000 The 179 deduction...
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Question 34 2.5 pts For 2020, the maximum 179 deduction is: $1,040,000 The 179 deduction phaseout begins at eligible expenses of $2,590,000 and completely phases out at $3,630,000. Snappie Inc., a calendar year taxpayer, purchased a total of $590,000 depreciable personalty during May 2020. Which of the following statements is true? O Snappy can elect to expense 100% of the cost. The amount of cost that Snappie can elect to expense depends on Belsap's 2020 taxable income. Snappie can elect to expense $510,000 of the cost. The $80,000 remaining cost is capitalized and subject to MACRS depreciation. Snappie can elect to expense $510,000 of the cost. The $80,000 remaining cost is capitalized and is not depreciable
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