Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
38th Edition
ISBN: 9780357108239
Author: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
Publisher: Cengage Learning
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Chapter 8, Problem 6MCQ

Which of the following is not true about the MACRS depreciation system:

  1. A salvage value must be determined before depreciation percentages are applied to depreciable real estate.
  2. Residential rental buildings are depreciated over 27.5 years straight-line.
  3. Commercial real estate buildings are depreciated over 39 years straight-line.
  4. No matter when during the month depreciable real estate is purchased, it is considered to have been placed in service at mid-month for MACRS depreciation purposes.

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Depreciation -MACRS; Author: Ronald Moy, Ph.D., CFA, CFP;https://www.youtube.com/watch?v=jsf7NCnkAmk;License: Standard Youtube License