Fred Purchases and Places in Service in 2014 Personal Property

question 89

Multiple Choice

Fred purchases and places in service in 2014 personal property costing $221,000.What is the maximum Sec.179 deduction that Fred can deduct,ignoring any taxable income limitation?

• A)$25,000
• B)$21,000
• C)$4,000
• D)$200,000

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Definitions:

Hunting and gathering

A mode of subsistence involving the procurement of wild plants and animals for food.

Pastoralism

a form of agriculture where animals are raised for food, fiber, and other products, often involving nomadic or semi-nomadic herding.

Legitimate use of force

Refers to the socially sanctioned, legal, or accepted use of physical power or coercion by individuals or institutions, especially by the state or law enforcement, to maintain order or enforce laws.

Rational-legal authority

A form of leadership where authority is based on legal legitimacy and bureaucratic procedures, as opposed to traditional or charismatic forms of governance.