A taxpayer elects to take a bunch of different assets which would normally be capitalized and instead deduct them as expenses using the de minimis rule for tangible property under IRC Section 263A. They are able to expense $7,500 in equipment this way. How should this be handled on the State return for California?

The de minimis rule is a rule that is provided by IFRS. This rule is related to the capitalization…

Answered: A taxpayer elects to take a bunch of different assets which would normally be capitalized and instead deduct them as expenses using the de minimis rule for…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

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A taxpayer elects to take a bunch of different assets which would normally be
capitalized and instead deduct them as expenses using the de minimis rule for
tangible property under IRC Section 263A. They are able to expense $7,500 in
equipment this way. How should this be handled on the State return for California?

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