Publication 534 11 2016, Depreciating Property Placed in Service Before 1987 Internal Revenue Service
On February 1, 2023, the XYZ Corporation purchased and placed in service qualifying section 179 property that cost $1,160,000. It elects to expense the entire $1,160,000 cost under section 179. In June, the corporation gave a charitable contribution depreciable assets of $10,000. A corporation’s limit on charitable contributions is figured after subtracting any section 179 […]