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Section 179 Addback Example 2 - Sole Proprietor

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Jack is a sole propriety of a construction company who purchased new equipment that he placed in service in 2018 and used for his business. On his federal return, Jack elects to expense $600,000, which is the entire cost of the new equipment. He has business income of $800,000. His federal section 179 expense deduction is not limited based on the cost of the asset in comparison to his business income. However, Jack’s allowable Minnesota deduction for Section 179 property will be limited.

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