The §179 Immediate Expensing Election Phases Out Based Upon the Amount

question 50

True/False

The §179 immediate expensing election phases out based upon the amount of tangible personal property a taxpayer places in service during the year.

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Definitions:

Balance Sheet

A Balance Sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Assets

Resources owned by a company that have economic value and can provide future benefits.

Correcting Entry

A journal entry made to amend an error in the financial statements.

Closing Entry

Entries recorded at the conclusion of an accounting period for the purpose of shifting balances from temporary accounts to permanent ones.