Costs of Tangible Personal Business Property Which Are Expensed Under

question 94

True/False

Costs of tangible personal business property which are expensed under Sec.179 are subject to recapture if the property is converted to nonbusiness use before the end of the MACRS recovery period.

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Definitions:

Customer Invoices

Financial documents issued by a seller to a buyer, detailing the sale transaction and requesting payment.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered on credit.

Electronic Invoice Form

A digital version of a billing document sent by a supplier to a customer, detailing products or services sold and requesting payment.

QuickBooks

An accounting software package developed and marketed by Intuit, aimed at small and medium-sized businesses for managing invoices, expenses, and payroll.