Xavier Bought Furniture and Fixtures (7-Year Property) on September 15

question 1

Essay

Xavier bought furniture and fixtures (7-year property) on September 15, 2015 for $505,000. He elects to expense as much as possible under Section 179 but does not elect the 50% bonus. Xavier's earned income for the year is $500,000. What is the maximum deduction Xavier can take in 2015 for the equipment? (Round answers to the nearest dollar)

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Definitions:

Shoot System

Aboveground portion of a plant consisting of the stem, leaves, and flowers.

Xylem

Vascular tissue in plants that transports water and dissolved minerals from the roots to the rest of the plant.

Ancient Trees

Very old trees, often centuries or millennia in age, which can provide historical and environmental insights.

Crown

In dentistry, an artificial cover for a damaged or decayed tooth; in botany, the upper part of a tree, including branches and leaves.