Ilene owns an unincorporated manufacturing business. In 2018, she purchases and places in service $2,536,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any depreciation deduction is $900,000. Ilene will elect out of bonus depreciation but plans to take the maximum allowable deduction under Sec. 179. Which of the following statements is true regarding the Sec. 179 election?
Ilene owns an unincorporated manufacturing business. In 2018, she purchases and places in service $2,536,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any depreciation deduction is $900,000. Ilene will elect out of bonus depreciation but plans to take the maximum allowable deduction under Sec. 179. Which of the following statements is true regarding the Sec. 179 election?
B) Ilene can deduct $964,000 as a Sec. 179 deduction in 2018, with no carryover to next year.
C) IIene can deduct $900,000 as a Sec. 179 deduction in 2018; $64,000 may be carried over to next year
C) IIene can deduct $900,000 as a Sec. 179 deduction in 2018; $64,000 may be carried over to next year
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a. at the time invoices are prepared b. by manual procedures c. electronically d. as part of processing cash receipts
Documents that are created at the beginning of the transaction are called __________________________
Fill in the blank(s) with correct word
Which of the following is a feature of a Chapter 11 plan of reorganization?
A) an equilateral division of the Chapter 11 estate among all creditors B) division of the bankruptcy estate according to the debt to be paid to each creditor C) discharge of a debtor's unsecured debts and payment of secured debts D) a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 bankruptcy
Errors in the sales forecast can be offset by similar errors in costs and income forecasts. Thus, as long as the errors are not large, sales forecast accuracy is not critical to the firm.
Answer the following statement true (T) or false (F)