No other personal property is purchased by jessie in 2013., Ask an Expert

Accounting

In 2013, Jessie, a calendar-year taxpayer, purchased business equipment (5-year property) for $1,000,000. The property was placed in service during 2013 (and is being used exclusively in Jessie's extremely profitable business). No other personal property is purchased by Jessie in 2013. What is the most that Jessie may deduct in 2013 under Section 179 of the Code (ignore any potential deductions resulting from bonus deprecation or MACRS)?

a. $1,000,000

b. $500,000

c. $200,000

d. $0

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942354

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