The modified accelerated cost recovery system (MACRS):
A)Is included in the U.S.federal income tax rules for depreciating assets.
B)Is an out-dated system that is no longer used by companies.
C)Is required for financial reporting.
D)Is identical to units of production depreciation.
E)All of the choices are correct.

Question

Quizplus · Accepted Answer

The MACRS is included in the U.S. federal income tax rules for depreciating assets. It determines the depreciation deductions businesses may take each year for qualified property they place in service.

The Modified Accelerated Cost Recovery System (MACRS)