Author Question: Chahana acquired and placed in service $665,000 of equipment on August 1, 2016 for use in her sole ... (Read 123 times)

jlmhmf · **on:** Sep 13, 2020

Question 1

Caitlyn purchases and places in service property costing $450,000 in 2016. She wants to elect the maximum Sec. 179 deduction allowed. The property does not qualify for bonus depreciation. Her business income is $400,000. What is the amount of her allowable Sec. 179 deduction and carryover, if any?
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Question 2

Chahana acquired and placed in service $665,000 of equipment on August 1, 2016 for use in her sole proprietorship. The equipment is 5-year recovery property. No other acquisitions are made during the year. Chahana elects to expense the maximum amount under Sec. 179. Assuming the property does not qualify for bonus depreciation, Chahana's total deductions for the year (including Sec. 179 and depreciation) are
◦ $500,000.
◦ $133,000.
◦ $633,000.
◦ $533,000.

durant1234 · **Reply #1 on:** Sep 13, 2020

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