Which of the following statements related to the Section 179 election to expense is (are) true?
I.A Section 179 deduction can be claimed on tangible personal property
II.A Section 179 deduction can be claimed on property held for the production of income.
III.A Section 179 deduction can be claimed on real property.
IV.A Section 179 deduction is allowed only for assets used in trade or business.

A)Only statement I is true.
B)Only statements I and II are true.
C)Only statements I, II, and III are true.
D)Only statements I and IV are true.
E)All of the statements are true.

Question

Which of the following statements related to the Section 179 election to expense is (are) true?
I.A Section 179 deduction can be claimed on tangible personal property
II.A Section 179 deduction can be claimed on property held for the production of income.
III.A Section 179 deduction can be claimed on real property.
IV.A Section 179 deduction is allowed only for assets used in trade or business.
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A)Only statement I is true.
B)Only statements I and II are true.
C)Only statements I, II, and III are true.
D)Only statements I and IV are true.
E)All of the statements are true.

Quizplus · Accepted Answer

Statement I is true, as Section 179 allows for the deduction of tangible personal property. Statement II is false, as the property must be used in a trade or business activity, not for the production of income. Statement III is false, as Section 179 does not allow for the deduction of real property. Statement IV is true, as Section 179 deductions are only allowed for assets used in trade or business.

Which of the Following Statements Related to the Section 179