The §179 Immediate Expensing Election Phases Out Based Upon a Taxpayer's

question 38

True/False

The §179 immediate expensing election phases out based upon a taxpayer's taxable income.
The §179 phase out is based upon the amount of property placed in service during the year.

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Definitions:

Product

An item or service created through a process of manufacturing or production, intended for sale or use by consumers.

Production Costs

Expenses directly associated with the manufacturing of goods, including materials, labor, and factory overhead.

Selling Expenses

Costs incurred directly and indirectly from selling a product or service, including advertising, sales salaries, and commission expenses.

Accounts Payable

An accounting term for the amount of money a company owes to its suppliers or creditors for goods or services received but not yet paid for.