To Increase Their Depreciation Deduction on Automobiles, Taxpayers Should Elect

question 115

True/False

To increase their depreciation deduction on automobiles, taxpayers should elect §179 expense.

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Definitions:

Deductible

The amount paid out of pocket by the policyholder before an insurance company pays the remaining costs.

Straight Line Depreciation

A line that shows a constant decline in the value of something, such as a car that loses the same value each year.

Odometer

A gauge on the dashboard of a car that indicates the distance the car has traveled since it left the factory.

Odometer

A device used in vehicles to measure the distance traveled.