When Computing E&P, Section 179 Property Must Be Expensed Ratably

question 93

True/False

When computing E&P, Section 179 property must be expensed ratably over a five-year period, starting with the month in which it is expensed for Sec. 179 purposes.

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Definitions:

Credit Report

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to determine a loan applicant's creditworthiness.

12 Months

A duration of time equal to one full year, consisting of 365 days, or 366 days in a leap year.

Cooling-Off Rule

Regulation that allows consumers a set period to cancel contracts or purchases without penalty, often applied to door-to-door sales and certain loans.

Door-to-door Sales

The direct selling method where salespersons solicit business by visiting households or businesses without prior appointment.