The Section 179 Election Promotes Which of the Following Tax

question 76

Multiple Choice

The Section 179 election promotes which of the following tax concept(s) or doctrine(s) ?
I.Claim of Right Doctrine.
II.Administrative Convenience Concept.
III.Tax benefit rule.
IV.Substance-Over-Form Doctrine.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Statements I, II, and IV are correct.
• D)Statements II and IV are correct.
• E)Statements I, II, III, and IV are correct.

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Definitions:

Registration

The process of recording information officially, often pertaining to a company, security, or property, to ensure legal recognition.

1933 Act

Also known as the Securities Act of 1933, it is a federal law enacted to ensure more transparency in financial statements and prevent fraud in the securities market.

Disclosure

The action of making new or secret information known, often required in legal and financial transactions to ensure transparency.

Dodd-Frank Act

Comprehensive financial reform legislation passed in 2010 in the United States to enhance financial stability and consumer protection.