Everest Corp.acquires a machine (seven-year property)on January 10,2015 at a cost of $212,000.Everest makes the election to expense the maximum amount under Sec.179.
a.Assume that the taxable income from trade or business is $500,000. 
b.Assume instead that the taxable income from trade or business is $10,000. 
Definitions:
Operation of Law
Changes in legal rights or obligations that occur automatically due to established laws, rather than the actions or agreements of individuals.
Express Statements
Clearly articulated and directly communicated declarations or assertions.
Implied Warranty of Fitness
An assurance that a product will meet a buyer’s specified purpose when the seller knows the particular purpose for which the buyer will use the goods.
Survival Hike
An outdoor adventure aimed at testing or improving the skills necessary to survive in wilderness conditions.
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