My client is considering the purchase of a pickup truck, with a gross unloaded vehicle weight in excess of 6000 lbs, before the end of the year. In reviewing the 2008 Economic Stimulas Act, I've become confused. The Act seems to limit first year depreciation to $3,160-11,160.00 depending upon whether or not the taxpayer elects the 50% deduction option. The Act further confirms that the maximum deduction allowed on SUVs is
$ 25,000.00. Because my client's vehicle weighs more than 6000 lbs isn't it still exempt from Section 280F; therefore, allowing deduction of 100% of the purchase price of
$ 35,000.00 as the vehicle is 100% business use?
$ 25,000.00. Because my client's vehicle weighs more than 6000 lbs isn't it still exempt from Section 280F; therefore, allowing deduction of 100% of the purchase price of
$ 35,000.00 as the vehicle is 100% business use?
Comment