Which of the following statements about MACRS is not correct?
A) MACRS is the only accelerated depreciation method that may be used on newly acquired assets for federal income tax purposes.
B) The method permits "depreciating" the asset to a tax basis of $0 over a specified recovery period.
C) If a company uses MACRS in its income tax returns,it also must use MACRS in its financial statements.
D) Most businesses would benefit from using MACRS rather than straight-line depreciation in their income tax returns.
Correct Answer:
Verified
Q79: In the fixed-percentage-of-declining-balance depreciation method,the book value
Q80: Capital expenditures are recorded as:
A)An expense.
B)An asset.
C)A
Q81: The gain or loss on the disposal
Q82: An asset that costs $14,400 and has
Q83: Accelerated depreciation methods are used primarily in:
A)Income
Q85: When a depreciable asset is sold at
Q86: A gain is recognized on the disposal
Q87: [The following information applies to the questions
Q88: [The following information applies to the questions
Q89: For depreciable property other than real estate,MACRS
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