Section 179 Allows Taxpayers to Immediately Expense Up to $500,000

question 93

True/False

Section 179 allows taxpayers to immediately expense up to $500,000 for 2016 of the cost of real and personal property placed into service in a trade or business,subject to limitations,.

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Definitions:

Apparent Agency

A legal concept where a principal is liable for the acts of an agent who appears to be acting within the scope of authority, irrespective of whether the principal actually granted such authority.

Express Agency

An agency relationship created by explicit instruction or agreement, where the agent is authorized to act on behalf of the principal.

Implied Agency

A type of agency relationship created by the actions of the parties involved, not by written agreement, where an agent is presumed to have authority to act on behalf of another.

Nonprogrammed Decision

A new, complex decision that requires a creative solution.