The § 179 Deduction Can Exceed $510,000 in 2017 If

question 44

True/False

The § 179 deduction can exceed $510,000 in 2017 if the taxpayer had a § 179 amount which exceeded the taxable income limitation in the prior year.

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Definitions:

State Statutes

Laws established by state legislatures that govern state-specific legal issues and matters.

Market Value

The ongoing rate at which an asset or service is offered for buying or selling in a market.

Note Payable

A written promise to pay a specified sum of money, plus interest, to a creditor at a future date.

Cash

A form of currency that includes coins and paper notes, used by companies to conduct transactions or stored as part of their liquid assets.