Q4VASolutions - ACCTG321 Spring2010 Quiz#4 VersionA 1 a b c...

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ACCTG 321 Spring 2010 Quiz #4 Version A 1. Tax cost recovery methods do not include:  a. Amortization b. Capitalization c. Depletion d. Depreciation e. All of the above are tax cost recovery methods 2. The following type of property may NOT be depreciated: a. Property used in a trade or business b. Property used in the production of income c. Property without a determinable life d. Tangible personal property 3. Under current law, taxpayers are required to calculate  depreciation on most property using the: a. Sum-of-the-years-digits system b. Modified accelerated cost recovery system c. Accelerated cost recovery system d. Class life system e. Solar system 4. Schrute Corp placed in service 30% of its new tangible personal  property assets in the fourth quarter. What cost recovery  convention must Schrute use? a. Straightline b. Double declining balance c. Mid or half-year d. Mid-quarter e. Mid-wife 5. The recovery periods for real property are almost always a. Longer than tangible personal property
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Q4VASolutions - ACCTG321 Spring2010 Quiz#4 VersionA 1 a b c...

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