In 2018, Steve Purchases $975,000 of Equipment

question 58

Multiple Choice

In 2018, Steve purchases $975,000 of equipment. The taxable income of the business before any Section 179 deduction is $10,000. What is Steve's maximum Section 179 deduction in 2018?

• A)$10,000
• B)$- 0 -
• C)$25,000
• D)$975,000
• E)$500,000

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Definitions:

Sherman Act

A foundational antitrust law in the United States that prohibits monopolistic practices and promotes competition.

Boycott

A protest strategy where individuals or groups refuse to buy, use, or participate in something as a form of protest.

Clayton Act

An antitrust law enacted in 1914 in the United States, aimed at promoting fair competition and preventing monopolies by prohibiting certain actions that could lead to anti-competitive practices.

Robinson-Patman Act

U.S. legislation aimed at preventing unfair competition and price discrimination by regulating trade practices in the wholesale level.