The § 179 Limit for a Sports Utility Vehicle with a GVW

question 28

True/False

The § 179 limit for a sports utility vehicle with a GVW of 7,000 pounds will not apply if the sports utility vehicle is used as a taxi.

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New Computer

A recent purchase or acquisition of a computing device for personal or business use.

Cash

Physical form of currency such as coins and banknotes; in accounting, cash also includes balances in bank accounts.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities.

Liabilities

Financial obligations or debts that a company owes to external parties or entities.