Unformatted text preview: declining balance, 15 and 20 year property is 150% declining balance, and 27.5 and 39 year property is Straight line depreciation. Depreciation for income tax purposes are based on the half-year convention. A company depreciates an asset to a zero value so that there is no salvage value at the end of its MACRS life. A taxpayer can elect to expense an asset up to $250,000 through Section 179 deductions if the asset is used at least 50% of the time during its first year and cannot be real property or property used to produce income. This expense is recorded on the income statement which will lower the businesses taxable income....
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This note was uploaded on 02/08/2010 for the course ACC317 adv. feder taught by Professor Man during the Spring '10 term at Strayer.
- Spring '10