Any Section 179 Deduction That Is Not Allowed Currently Due

question 45

True/False

Any Section 179 deduction that is not allowed currently due to the taxable income limitation may be carried over and deducted in future years.

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Definitions:

Statutory Law

Written laws passed by a legislative body at both the federal and state levels; also known as statute law.

Overturning Precedent

The act of a court setting aside a previous judicial decision, often leading to a change in case law.

Common Law

A body of unwritten laws based on legal precedents established by the courts, as opposed to statutory laws enacted by legislative bodies.

U.S. Constitution

The supreme law of the United States, establishing the framework of national government and the rights and freedoms of individuals.