Fariq Purchases and Places in Service in 2016 Personal Property

question 92

Multiple Choice

Fariq purchases and places in service in 2016 personal property costing $2,031,000.The property does not qualify for bonus depreciation.What is the maximum Sec.179 deduction that Fariq can deduct,ignoring any taxable income limitation?

• A)$500,000
• B)$0
• C)$479,000
• D)$469,000

Explore the consequences of contracting under illegal terms or with parties lacking legal capacity.

Discuss the impact of legislation, charters, and human rights law on the capacity to contract.

Understand the conceptual foundations and purpose of key government assistance programs like SNAP and TANF.

Recognize and define the official poverty line in the United States.

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Definitions:

Ethical standard

Ethical standard refers to the principles that guide moral conduct within a profession or organization, outlining acceptable behaviors and practices that ensure fair and just operations.

Corporation

A legal entity that can own property and enter into contracts for the benefit of its shareholders.

Social constitution

The way in which a society is organized, including its social structures, norms, and institutions, and how they interact to shape the behavior and attitudes of its members.

Political economy

A branch of social science that studies the relationships between individuals and society and between markets and the state, using methods from both economics and political science.