Depreciation is allowed for every tangible asset (except land)used either in a trade or business or for the production of income.

Name: Depreciation is allowed for every tangible asset (except land)used either in a trade or business or for the production of income.
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Question

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Depreciation is allowed for tangible assets used in a trade or business or for the production of income, but not for land since it does not wear out, become obsolete, or lose value over time.

Depreciation Is Allowed for Every Tangible Asset (Except Land)used Either