1) Fred purchases and places in service in 2015 personal property costing $221,0
ID: 2456762 • Letter: 1
Question
1) Fred purchases and places in service in 2015 personal property costing $221,000. What is the maximum Sec. 179 deduction that Fred can deduct, ignoring any taxable income limitation?
A) $25,000
B) $21,000
C) $4,000
D) $200,000
2) Prithi acquired and placed in service $190,000 of equipment on August 1, 2015 for use in her sole proprietorship. The equipment is 5-year recovery property. No other acquisitions are made during the year. Prithi elects to expense the maximum amount under Sec. 179. Prithi's total deductions for the year (including Sec. 179 and depreciation) are
A) $38,000.
B) $25,000.
C) $63,000.
D) $58,000.
Explanation / Answer
1.
The correct option is option - A
This limit under section 179 came into affect from 1 Jan 2015.
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