Property Expensed Under the §179 Immediate Expensing Election Is Not

question 74

True/False

Property expensed under the §179 immediate expensing election is not included in the 40 percent test to determine whether the mid-quarter convention must be used.

---

Definitions:

Gas Stations

Businesses that sell fuel for automobiles, motorcycles, and other vehicles, often offering additional services like convenience store products.

Tax Increase

The raising of taxes by a government, which can affect individuals, businesses, and the economy by influencing spending, saving, and investment behaviors.

Social Security Tax

Taxes collected to fund the Social Security program, which provides benefits to retirees, disabled individuals, and survivors of deceased workers.

Regressive

Describes a process or policy that disproportionately affects those with lower incomes or status, often applied to taxation.