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Federal Income Tax MCQs

Section 179 Depreciation cannot be deducted in the current year when:

Only real property is purchased in current tax year.

The taxpayer has elected to deduct Bonus Depreciation in current tax year.

Only used equipment is purchased in current tax year.

Only qualified real property is purchased in the current tax year.

Only listed property is purchased in current tax year.

Answer

Correct Answer: Only real property is purchased in current tax year.

Explanation:

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