Answer :
A calendar year taxpayer, purchased a total of $2,534,400 tangible personality in 2018. 965,600 of this cost can song elect to expense under section 179.
Who is Considered as a Taxpayer?
A taxpayer is a natural person or legal entity that must pay taxes. The government may provide identity or reference numbers to individuals or businesses as modern taxpayers. One who pays taxes is often referred to as a "taxpayer". According to the rules of the Income Tax Act, a taxpayer is a person or a corporation that pays taxes on its income each year. It becomes lawful after you file income tax returns and disclose your revenues.
You can choose to deduct all or a portion of the cost of specific eligible property in the year that you put it into service thanks to Section 179. Instead of recovering the cost by collecting depreciation deductions over a certain recovery time, you can do this. There are restrictions on how much you can deduct each year, though.
Any section 179 property's cost may be treated by a taxpayer as an expense rather than as a capital expense. Any expenses so handled must be deducted from income in the tax year the section 179 property is put to use.
Hence, A calendar year taxpayer, purchased a total of $2,534,400 tangible personality in 2018. 965,600 of this cost can song elect to expense under section 179.
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