Ch 10 T-F with solutions

Ch 10 T-F with solutions - 1. The earlier the depreciation...

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1. The earlier the depreciation deduction can be taken, the greater the present value of the tax savings will be to the taxpayer. ANS: T PTS: 1 DIF: Easy OBJ: 2 NAT: AICPA Measurement | AACSB Analytic 2. While Congress has enacted several different depreciation methods, all currently owned assets are depreciated using the method in effect when the asset was placed in service. ANS: T PTS: 1 DIF: Easy OBJ: 3 NAT: AICPA Measurement | AACSB Analytic 3. The Section 179 expense deduction is allowed on all depreciable and tangible property used in a trade or business. ANS: F PTS: 1 DIF: Easy OBJ: 5 NAT: AICPA Measurement | AACSB Analytic 4. Pedro purchased used delivery equipment costing $400,000 and used computers costing $300,000 (the only assets purchased) that are used in his business. He may allocate his section 179 deduction to either or both assets. ANS: T PTS: 1 DIF: Easy OBJ: 5 NAT: AICPA Measurement | AACSB Analytic 5. MACRS applies to new and used depreciable personal property used for the production of
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Ch 10 T-F with solutions - 1. The earlier the depreciation...

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