Discussion Question

Please review the following IRS Publication 946: How to Depreciate Property, to inform your discussion. Section 179 allows a current deduction for the acquisition cost of business-use assets. Describe the eligibility requirements and deduction limitations. Why would a taxpayer choose to not elect the Section 179 deduction if the property were eligible?When responding to your peers’ posts, comment on how a business owner can plan asset acquisitions to fully utilize the Section 179 deduction.