Client formed new salvage business in September 2020 and purchased a dump truck. However, after purchasing it he discovered that he could not operate his business before being approved for that service by New Jersey. He is still waiting for the authorization to come through. One of the qualifications is "placed in service" in 2020.
So is he NOT able to take the Section 179 since he could not yet operate the business?
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Yves Richards
Yves Richards, CPA
Baldwin NY
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