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:

Lawful Discovery

The legal process by which parties in a lawsuit obtain and exchange information and evidence prior to trial, under the oversight of a court.

Lost Property

Items that are unintentionally left by their owner; the legal framework around lost property focuses on the rights and obligations surrounding its discovery and return.

Title

A legal term referring to a rightful ownership of an asset or property, or the document that proves such ownership.

True Owner

The individual or entity that has the lawful possession, title, and rights over a property or asset, regardless of any other claims.