B&P Inc., a calendar year corporation, purchased only one operating asset during 2019: $599,900 of used computer equipment (5-year recovery property) placed in service on March 18. Assuming that B&P makes a Section 179 election, compute B&P's adjusted tax basis in the property at the end of 2019.
A. $0
B. $79,920
C. $99,900
D. $71,920
Answer: A
You might also like to view...
Saying that "this car is the ultimate driving experience" is an example of puffery.
Answer the following statement true (T) or false (F)
MIS is a tool that is most valuable when it leverages the talents of people who know how to use and manage it effectively.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. When computing the present value, the interest rate will vary depending on the amount of risk. Riskier investments, such as FDIC-insured bank deposits, command higher interest rates. 2. When computing the present value, the interest rate will vary depending on the amount of risk. Safer investments, such as FDIC-insured bank deposits, yield lower interest rates. 3. Discounted cash flow methods incorporate compound interest by assuming that companies will reinvest future cash flows when they are received. 4. Net present value is defined as the difference between the present value of the investment's net cash inflows and the investment's initial cost. 5. Management's minimum desired rate of return on a capital investment is known as the return on investment.
A common basis for assessing economic development is gross domestic income.
Answer the following statement true (T) or false (F)