Final answer:
The Section 179 deduction for personal property placed in service in 2015 had a maximum limit of $500,000, and this is true. The PATH Act confirmed these limits, which were made permanent but subject to future inflation adjustments. Taxpayers should consult with professionals for current tax law information.
Step-by-step explanation:
The statement regarding the Section 179 deduction for personal property placed in service in 2015 having a maximum limit of $500,000 is true. The Section 179 deduction is a provision in the United States tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. It is intended to encourage businesses to invest in equipment by providing an upfront tax break.
For the tax year 2015, the Protecting Americans from Tax Hikes (PATH) Act was signed into law, which amongst other things, set the Section 179 expense deduction limit at $500,000 with a $2 million overall investment limit. It also made this level of deduction and phase-out threshold permanent, subject to inflation adjustments for subsequent years.
Businesses and taxpayers need to consult with a tax professional or utilize authoritative tax resources to verify current limits and qualifications for claiming the Section 179 deduction, as tax laws can frequently change.