When the full allowable Federal section 179 amount has been deducted, an adjustment is required to be made on the Maryland return. Under Section 179, you can claim a deduction in the current year.179 property that is purchased and put in service for a trade or business for the tax year. Section 179 helps your business purchase more equipment and boost its operations without taking money away from the tax revenue. This item addresses how S corporations and partnerships that have a Sec. 179 recapture event should report the event to their owners. Use Form 4562 to: Claim your deduction for depreciation and amortization. Make the election under section 179 to expense certain property. Section 179 allows businesses to deduct the full purchase price of qualifying equipment bought or financed during the tax year. Section 179 has a limit on the annual deduction.