From what I understand, I can elect to deduct any portion or all of the expense of a business asset at one time rather than depreciate it over its
For example, I purchase a used truck for my business with a bank loan for $15000. I also purchase a trailer outright with company funds for $2500. I must be depreciated the truck over its useful life but the trailer I can deduct the entire $2500 purchase price during the year that I purchased it and not depreciate it.
Have I understood this correctly or am I missing something. If so, please inform!