Cate Purchases and Places in Service Property Costing $150,000 in 2014

question 86

Multiple Choice

Cate purchases and places in service property costing $150,000 in 2014. She wants to elect the maximum Sec. 179 deduction allowed. Her business income is $20,000. What is the amount of her allowable Sec. 179 deduction and carryover, if any?

---

Definitions:

Magnuson-Moss Act

A federal law enacted in 1975 to protect consumers from deceptive warranty practices, applying to warranties on consumer products.

Limited Warranty

A warranty that provides coverage with certain conditions and limitations on the duration and scope.

Express Warranties

Explicit promises made by a seller regarding the quality or functionality of the goods being sold.

Advertisements

Notices or announcements in a public medium promoting a product, service, or event, or publicizing a job vacancy.