Contractor equipment purchase, first year total cost reduction

[johnkl1932]

2109 tax law allows full cost equipment reduction in year purchase in lieu of partial loan repayment over life of purchase contract.

I understand this means that in lieu of taking deduction for annual payments financed over a period of time the total cost of the equipment can be deducted in the year purchased. Interest paid on the loan, depreciation, repairs, are deductible in year paid. When the equipment is sold adjustment for prior depreciation are applied, 

Is this correct

[Critter-3]

In the year you purchase of a new asset you  can choose one of the following  :

1) depreciate the cost of the equipment over the prescribed years in the CLADR tables

2) take a 179 deduction

3)  100% bonus depreciation 

Interest paid on the loan, depreciation (if you depreciate the property ) repairs, are deductible in year paid.   Correct 

When the equipment is sold adjustment for prior depreciation are applied, When you sell an asset the adjusted basis is used to compute a gain or loss.