onresidential real property is depreciated over 27

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Choose the correct statement regarding tax depreciation.
a. Nonresidential real property is depreciated over 27.5 years.
Ob. Residential real property is depreciated over 39 years.
Oc.
c. Depreciation on real property starts at the beginning of the year in which the property is placed in service.
Od. Nonresidential real property is depreciated over 39 years.
Transcribed Image Text:Choose the correct statement regarding tax depreciation. a. Nonresidential real property is depreciated over 27.5 years. Ob. Residential real property is depreciated over 39 years. Oc. c. Depreciation on real property starts at the beginning of the year in which the property is placed in service. Od. Nonresidential real property is depreciated over 39 years.
Which of the following is true about the MACRS depreciation system?
Oa. Residential rental buildings are depreciated straight-line over 20 years.
Ob. Commercial real estate buildings are depreciated over 39 years using accelerated depreciation.
Oc. No salvage value is used before depreciation percentages are applied to depreciable real estate.
Od. No matter when equipment is purchased during the month, it is considered to have been purchased mid-month for MACRS depreciation purposes.
Transcribed Image Text:Which of the following is true about the MACRS depreciation system? Oa. Residential rental buildings are depreciated straight-line over 20 years. Ob. Commercial real estate buildings are depreciated over 39 years using accelerated depreciation. Oc. No salvage value is used before depreciation percentages are applied to depreciable real estate. Od. No matter when equipment is purchased during the month, it is considered to have been purchased mid-month for MACRS depreciation purposes.
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