Source: Warren Schauer Michigan State University, SOUTHEAST FARM PRESS, 1/30/13
First-year Direct Expensing (Section 179) is an election in IRS code that allows businesses like farms to deduct the cost of capital purchases as a tax deductible expense.
Farmers can elect to treat the cost of up to $500,000 of qualifying property purchased during 2012 as an expense (rather than as a depreciable capital expenditure).
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