All Personal Property Placed in Service in 2018 and Used

question 34

True/False

All personal property placed in service in 2018 and used in a trade or business qualifies for additional first-year depreciation.

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Definitions:

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced or sold.

Variable Cost

Expenses that fluctuate directly and proportionately with changes in production volume or activity level, such as raw materials and direct labor.

Planning Budget

A financial plan that forecasts revenue, expenditures, and resources needed for a particular period.

Static Budget

A financial plan that does not change or adjust over the period for which it is set, regardless of variations in activity levels or performance.