The Basis of an Asset on Which $500,000 Has Been

question 150

True/False

The basis of an asset on which $500,000 has been expensed under § 179 will be reduced by $500,000,even if $500,000 cannot be expensed in the current year because of the taxable income limitation.

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Definitions:

Definition Statement

A type of statement in programming languages where the structure, type, or nature of a variable, function, or object is defined.

Struct Date

A user-defined data structure in programming that typically stores date information, such as day, month, and year.

Month

In programming, "Month" can refer to a variable or function used to represent or manipulate months in dates and calendars.

Declaration

The act of specifying the type and structure of a variable or function, without necessarily allocating space or defining its behavior.