which of the following is true about the macrs depreciation system? special taxes are never placed on an estate. true false kitchen cabinets depreciation life

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Sample Final Exam Questions CHAPTER 8 DEPRECIATION & AMORTIZATION 2. Any allowable depreciation not claimed in the applicable tax year, reduces the taxpayer's basis of the property. (True/False) 3. Under MACRS, the basis for depreciation of personal property is its cost less salvage value. (True/False) The depreciation basis is the cost of the property 7. A building placed in service on January 1, 2016, is eligible for a full year's depreciation in 2016. (True/False) Using the midmonth convention, the taxpayer can deduct 11.5/12 of a full year’s depreciation 8. Used personal property purchased during the year is eligible for Section 179 expensing. (True/False) 9. Bonus depreciation reduce