The §179 Immediate Expensing Election Phases Out Based Upon a Taxpayer's

question 130

True/False

The §179 immediate expensing election phases out based upon a taxpayer's taxable income.

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Definitions:

Securities Act of 1933

A U.S. law enacted in response to the stock market crash of 1929 that aims to ensure more transparency in financial statements so investors can make informed decisions.

Fines

Penalties of monetary payment imposed by a court on a person or organization as punishment for an offense.

Imprisonment

The act of confining someone in a prison as a punishment for committing a crime.

Accountant-client Privilege

A legal privilege that keeps communications between an accountant and their client confidential, similar to attorney-client privilege.