Under MACRS,the highest percent-resulting in the highest depreciation expense-occurs during which year?
Which of the following is NOT a class under MACRS for personal property?
A) 5 year class
B) 7 year class
C) 10 year class
Which of the following abides by the principle of conservatism regarding trade-ins?
A) recording only the loss
B) recording only the gain
C) recording both the loss and the gain
D) recording neither the loss nor the gain
For federal income tax purposes,the depletion expense deducted from income is the larger of cost depletion or ___________.
A) amount per table provided with forms
B) percentage depletion
C) units-of-output times the calculated rate per unit
D) number of units extracted times the calculated rate per unit