Which of the Following Statements Related to the Section 179

question 36

Multiple Choice

Which of the following statements related to the Section 179 election to expense is (are) true?
I.A Section 179 deduction can be claimed on tangible personal property
II.A Section 179 deduction can be claimed on property held for the production of income.
III.A Section 179 deduction can be claimed on real property.
IV.A Section 179 deduction is allowed only for assets used in trade or business.
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• A)Only statement I is true.
• B)Only statements I and II are true.
• C)Only statements I, II, and III are true.
• D)Only statements I and IV are true.
• E)All of the statements are true.

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Definitions:

Excessive Amount

An amount that is much more than what is reasonable or necessary.

Cognitive Processes

Mental actions or operations that support learning, reasoning, memory, and problem-solving.

Puff of Air

A brief blast or gust of air, often used in experimental contexts to test sensory sensitivity or as a form of stimulus.

Blinking

The rapid closing and opening of the eyelid, a reflex action to protect the eye from irritants and help spread tears over the surface.