question archive Song Company, a calendar year taxpayer, purchased a total of $2,674,400 tangible personalty in 2020
Song Company, a calendar year taxpayer, purchased a total of $2,674,400 tangible personalty in 2020
Subject:LawPrice:2.86 Bought3
Song Company, a calendar year taxpayer, purchased a total of $2,674,400 tangible personalty in 2020. How much of this cost can Song elect to expense under Section 179? Multiple Choice 0 $1,040,000 $955,600 0 0 $2,674,400 O
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The amount the taxpayer can deduct is up to $1,040,000. But, the amount begins to phase out when the taxpayer's income exceeds $2,590,000.
Amount to expense= $1,040,000- ($2,674,400-$2,590,000)
=$1,040,000- $84,400
=$955,600
