NLT Inc. purchased only one item of tangible personalty in 2016. The cost of the item was $24,000. NLT's taxable income before any Section 179 deduction was $7,100. NLT can elect Section 179 for only $7,100 of the cost of the property.

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The Answer of NLT Inc. purchased only one item of tangible personalty in 2016. The cost of the item was $24,000. NLT's taxable income before any Section 179 deduction was $7,100. NLT can elect Section 179 for only $7,100 of the cost of the property.

NLT Inc Purchased Only One Item of Tangible Personalty in 2016