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Evaluate the appropriateness of brett plan

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Question - Brett started a new construction business in April 2016. In connection with the new business, he purchased a new backhoe for $60,000 in June 2016. The new business is struggling and expecting to show a loss for 2016. Brett is considering expensing the $60,000 cost of the backhoe under §179 on the 2016 tax return. Brett has been awarded a large project for 2017, and will show a substantial profit for the year ending 12/31/2017.

Your response must fully address the following:

  • Evaluate the appropriateness of Brett's plan.
  • Explain your position.
  • How do changes in tax law affect the appropriateness of Brett's plan?

Reference no: EM131585981

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