In 2014, firm L purchases machinery costing $21,300 and elected to expense the entire cost...
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Accounting
In 2014, firm L purchases machinery costing $21,300 and elected to expense the entire cost under section 179. How much of the expense can firm L deduct in each of the following cases?
a. Its taxable income before the deduction was $58,000.
b. Its taxable income before the deduction was $19,200.
c. Its net operating loss (NOL) before the deduction was $5,016
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