Taxable income before the deduction

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Reference no: EM13864647

In the current year, Firm L purchased machinery costing $2,300,000 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 $500,000 is available for the Section 179 election.)

Reference no: EM13864647

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Taxable income before the deduction : In the current year, Firm L purchased machinery costing $2,300,000 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?

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