25 May Question 1. In a farming business, if the uniform capitalization rule
Question
1. In a farming business, if the uniform capitalization rules are not used, cost is recovered using the ADS straight-line method.
a. True
b. False
2. When lessor owned leasehold improvements are abandoned because of the termination of the lease, a loss can be taken for the unrecovered basis.
a. True
b. False
3. The costs of qualified leasehold improvements qualify for additional first-year depreciation.
a. True
b. False
4. For personal property placed in service in 2014, the § 179 maximum deduction is limited to $25,000.
a. True
b. False
5. The § 179 deduction can exceed $25,000 in 2014 if the taxpayer had a § 179 amount which exceeded the taxable income limitation in the prior year.
a. True
b. False
.
6. Any § 179 expense amount that is carried forward is subject to the business income limitation in the carryforward year.
a. True
b. False
7. Taxable income for purposes of § 179 limited expensing is computed by including the MACRS deduction.
a. True
b. False
8. The basis of an asset on which $20,000 has been expensed under § 179 will be reduced by $20,000, even if $20,000 cannot be expensed in the current year because of the taxable income limitation.
a. True
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