Ted Purchases and Places in Service in 2013 Personal Property

question 23

Multiple Choice

Ted purchases and places in service in 2013 personal property costing $2,050,000.What is the maximum Sec.179 deduction that Ted can deduct,ignoring any taxable income limitation?

• A)$0
• B)$500,000
• C)$450,000
• D)$2,050,000

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Definitions:

Coercive Acts

Laws or measures taken to force someone to comply with certain rules or regulations, often seen in historical contexts like the British legislation before the American Revolution.

Involuntarily Accepted

Accepted or agreed upon without the recipient's willingness or consent.

Scienter Requirement

A legal term referring to the knowledge on the part of a person that an act is wrong or that a material fact has been concealed.

Reckless Indifference

A disregard for the safety or welfare of others, often seen as a form of negligence in legal contexts.