Solved: Mckenzie purchased qualifying equipment for his business, Accounting Basics

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Mckenzie purchased qualifying equipment for his business

Question: McKenzie purchased qualifying equipment for his business that cost $212,000 in 2016. The taxable income of the business for the year is $5,600 before consideration of any section 179 deduction. Calculate McKenzie's 179 expense deduction for 2016 and any carryover to 2017.

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Accounting Basics: Mckenzie purchased qualifying equipment for his business

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