What is the first-year limit on depreciation, special depreciation allowance, and Section 179 deduction for trucks and vans for vehicles placed in service on or before December 31, 2017?

The first-year limit for depreciation, special depreciation allowance, and Section 179 deduction for trucks and vans placed in service on or before December 31, 2017, is indeed established at $11,560. This amount includes the maximum deduction allowable under Section 179 and reflects the vehicles’ typical usage and classification.

When calculating these deductions, it is important to note that the IRS allows a higher first-year depreciation limit for vehicles that qualify as "heavy" (over 6,000 pounds). The amount designated ensures that taxpayers can recover their investment in vehicles used for business purposes efficiently.

In this context, since the correct option is $11,560, it indicates a precise understanding of the tax regulations in place for that particular tax year, which aimed to encourage business investment in heavier vehicles while also allowing for immediate tax relief in the form of deductions.