Which of the following conditions must be satisfied for a taxpayer to expense, in the year of purchase, under Internal Revenue Code Section 179, the cost of new or used tangible depreciable personal property?
I The property must be purchased for use in the taxpayer's active trade or business.
II. The property must be purchased from an unrelated party.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
Answer: C
Tax
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