The § 179 Limit for a Sports Utility Vehicle with a GVW

question 28

True/False

The § 179 limit for a sports utility vehicle with a GVW of 7,000 pounds will not apply if the sports utility vehicle is used as a taxi.

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Definitions:

Purchases Journals

Accounting journals used to record all purchases of goods and services on credit for the purpose of resale.

Cash Receipts Journal

A dedicated accounting journal used to record all cash inflows or receipts, including cash sales and accounts receivable collections.

Other Accounts Column

A column in ledger books or accounting journals used to record transactions that do not fit into the standard categories provided, offering flexibility for miscellaneous entries.

Subsidiary Ledgers

Detailed ledgers that contain information about specific accounts, which are then summarized and included in a company's general ledger.