in general a section 179 deduction may not exceed total taxable business income this year abc partnership claimed a section 179 deduction for 20000 of new equipment. total taxable business income at the partnership level was 130000 gracie is a general partner in abc partnership. her share of the section 179 deduction according to her schedule k1 is 8000 however due to losses from other businesses total taxable business income on gracies individual return is zero. how does gracie treat her share of the section 179 deduction from abc partnership
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Gracie's share of the Section 179 deduction from ABC Partnership is $8,000. This is the amount she could potentially deduct from her taxable income. Show more…
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