Final answer:
The §179 immediate expensing election cannot be used by all taxpayers; it is available only to those who meet specific eligibility criteria, including the type of property, the amount of business income, and the total investment in business property for the year.
Step-by-step explanation:
The question posed is whether all taxpayers may use the §179 immediate expensing election on certain property. The correct answer to this question is False. Not all taxpayers qualify for the §179 deduction, as it is subject to specific eligibility criteria, including limits based on income, the total amount of property placed in service during the year, and the type of business property.
For example, only taxpayers with business income can take the deduction, and it's limited to the taxpayer's taxable income from business activities. Additionally, the Section 179 deduction has an investment limit, which means the deduction begins to phase out if a certain amount of qualifying property is placed in service during the tax year. Certain types of property are also excluded, and the rules can vary by year as the tax legislation changes.