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How much property-related expense can the taxpayer deduct

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Reference no: EM132835455

Problem 1: An individual taxpayer purchased and placed into service five-year assets at a total cost of $2,800,000 when the Section 179 limit was $1,020,000 with a $2,550,000 phase-out threshold. If the taxpayer elects the Section 179 deduction but does not elect out of bonus depreciation, how much property-related expense can the taxpayer deduct for the current tax year?

Reference no: EM132835455

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