All Personal Property Placed in Service in 2016 and Used

question 88

True/False

All personal property placed in service in 2016 and used in a trade or business qualifies for additional first-year depreciation.

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Definitions:

Assets

Resources owned by a business or individual deemed to have economic value and expected to provide future benefits.

Liabilities

Financial obligations or debts a company owes to others, due to be paid in the future.

Accounts Payable

describes the short-term liabilities a company owes to its suppliers or creditors for goods or services received but not yet paid for.

Accounts Receivable

The amount of money owed to a business by its customers for products or services that have been delivered but not yet paid for.