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25 May, 22:49

In 2016, Gail had a § 179 deduction carryover of $30,000. In 2017, she elected § 179 for an asset acquired at a cost of $115,000. Gail's § 179 business income limitation for 2017 is $140,000. Determine Gail's § 179 deduction for 2017.

a. $25,000

b. $115,000

c. $130,000

d. $140,000

e. None of the above

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  1. 25 May, 23:24
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    d. $140,000

    Explanation:

    § 179 deduction for 2017 = $115000 + $25000

    = $140,000.

    Therefore, Gail's § 179 deduction for 2017 is $140,000.
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