NLT Inc Purchased Only One Item of Tangible Personalty in 2020

question 91

True/False

NLT Inc. purchased only one item of tangible personalty in 2020. The cost of the item was $24,000. NLT's taxable income before any Section 179 deduction was $7,100. NLT can elect Section 179 for only $7,100 of the cost of the property.

---

Definitions:

Pollution

The presence or introduction into the environment of substances or things that have harmful or poisonous effects.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, an important concept for decision-making in economics.

Externalities

Unintended financial outcomes affecting individuals not directly engaged, potentially leading to good or bad impacts.

External Costs

Costs that are not borne by the producer or consumer of a good or service, but by society or the environment.