Generally accepted accounting principles are used to determine the depreciation deduction available on a tax return.

Name: Generally accepted accounting principles are used to determine the depreciation deduction available on a tax return.
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While generally accepted accounting principles may be used as a reference, the IRS has its own set of rules and guidelines for determining the depreciation deduction on a tax return. These rules are outlined in the Internal Revenue Code and related regulations.

Generally Accepted Accounting Principles Are Used to Determine the Depreciation