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Unformatted text preview: purchased from an unrelated party.
d. I only.
Both I and II.
Neither I nor II. CPA-02032
Choice "c" is correct. To qualify for IRC Section 179, the property must be tangible personal property
acquired by purchase from an unrelated party for use in the active conduct of a trade or business.
Statements I and II are both correct statements concerning the criteria for property to qualify under IRC
Section 179. CPA-02044 Type1 M/C A-D Corr Ans: C PM#20 R 3-01 12. CPA-02044 ARE Nov 95 #5 Page 26
Data Corp., a calendar year corporation, purchased and placed into service office equipment during
November 1994. No other equipment was placed into service during 1994. Under the general MACRS
depreciation system, what convention must Data use?
Choice "c" is correct. When a taxpayer places 40% or more of its property (other than certain qualifying
real property) into service in t...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.
- Fall '10
- The Land