Broadus, a Calendar Year Taxpayer, Purchased a Total of $128,300

question 8

Multiple Choice

Broadus, a calendar year taxpayer, purchased a total of $128,300 tangible personalty in 2020. Broadus' taxable income without regard to a Section 179 deduction was $92,600. Which of the following statements is true?

• A) Broadus can elect to expense only $92,600 of the cost of the personalty under Section 179.
• B) Broadus can elect to expense the $128,300 cost of the personaltyunder Section 179 but can deduct only $92,600 of the expense.
• C) Broadus can elect to expense only $35,700 of the cost of the personalty under Section 179.
• D) Broadus can elect to expense the $128,300 cost of the personalty under Section 179 but can deduct only $35,700 of the expense.

Understand the function of markets and the role of households and firms within them.

Comprehend the impact of government actions on economic outcomes and the concept of market failure.

Recognize the principles guiding individual decision-making in economics.

Understand the role of central planning and its historical context and implications.

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Definitions:

Hydraulic System

A system using pressurized fluid to transfer force or motion, found in various machinery and vehicle brake systems.

Test Strips

Strips used for various types of testing, often chemical, by indicating certain conditions through color change.

Brake Fluid

A type of hydraulic fluid used in brake systems to transfer force into pressure, amplifying the braking force applied by the driver.

Piston

A cylindrical component that moves up and down in an engine's cylinder, converting combustion energy into mechanical motion.