Label the following statements as either \"True\" or \"False\" as regards the tr

Question

Label the following statements as either "True" or "False" as regards the treatment of Section 179 in a year in which a carryforward has occurred. For example, in 2017, which of the following statements would pertain to a Section 179 carryforward from 2016" It may be reduced, dollar-for-dollar, if the cost of § 179 property placed in service is in excess of $2,030,000. No limit applies to the carryover if the taxpayer is considered a small business and has total assets of less than $1,000,000. It may be limited to the business income in the carryforward year. It may be limited to the 50% additional first-year depreciation taken in the carryforward year a. b. c. d.

Explanation / Answer

A. True It maybe reduced, Dollar for Dollar if the cost under section 179 placed is in excess of $2030000

B. False

C. True

D.True

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