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How much of the expense can Firm L deduct under Section

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Problem 1: In the current year, Firm L purchased machinery costing $2,800,000 and elected to expense as much as possible under Section 179. How much of the expense can Firm L deduct under Section 179 if its taxable income before the deduction was $1,400,000? (Assume that $1,000,000 is available for the Section 179 election.)

Reference no: EM132661042

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