The decision to use Section 179 must be made in the year the asset is put to use for business. Under Section 179, businesses can deduct a set amount of the cost of new business assets, giving purchasers more flexibility on when they take the deduction.IRS Section 179 allows businesses to deduct the full purchase price of qualifying equipment and software. Learn more about this tax code. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.