Section 179 Allows Taxpayers to Immediately Expense Up to $510,000

question 59

True/False

Section 179 allows taxpayers to immediately expense up to $510,000 for 2017 of the cost of real and personal property placed into service in a trade or business,subject to limitations.

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Definitions:

Rent Expense

The cost incurred by a business for leasing a property or equipment, recognized as an expense in the income statement.

Rent

A regular payment made by a tenant to an owner for the use of property or land.

Year 1

Often refers to the first year in a specific context, such as the initial period of a business, investment, or study.

Merchandise Inventory

Refers to products that a company holds in stock with the intention of selling them to customers. It is a current asset on the balance sheet.