A Taxpayer Acquired New Machinery Costing $50,000 Three Years Ago

question 50

True/False

A taxpayer acquired new machinery costing $50,000 three years ago.The taxpayer had elected Sec.179 expensing to deduct the full cost in the year of acquisition.The taxpayer sells the machinery this year and realizes a $32,000 gain.Sec.1245 will not require any ordinary income recapture on the sale of this asset due to the Sec.179 expensing.

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Definitions:

Psychological Counseling

A professional service providing support and guidance to individuals or groups to help them manage their mental health and emotional challenges.

Seeks Feedback

The act of requesting input or opinions from others about one's performance, work, or behavior, often for the purpose of self-improvement or reassessment.

Demonstrates Flexibility

The ability to adapt to changes and challenges in a way that is effective or benefits a given situation.

Encourage Excellence

The act of motivating and supporting individuals or groups to achieve high standards and outstanding performance in their activities or fields.