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Chapter 10 Tax

Tax cost recovery methods do not include
Capitalization
Which of the following business assets is not depreciated
Patent
An office desk is an example of
Personal property and Business property
An example of an asset that is both personal-use and personal property is:
A computer used solely to monitor the CEO’s investments and to complete her Form 1040
Which of the following is not usually included in an asset’s tax basis
Purchase price, Sales tax, Shipping, Installation costs
Which of the following would be considered an improvement rather than a routine maintenance
Engine overhaul
Tax depreciation is currently calculated under what system
Modified accelerated cost recovery system
Which is not an allowable method under MACRS
Sum of the years digits
Which of the allowable methods allows the most accelerated depreciation
200 percent declining balance
Which of the following depreciation conventions are not used under MACRS
Full-month
Which depreciation convention is the general rule for tangible personal property
Half-year
The MACRS recovery period for automobiles and computers is
5 years
Which of the following assets are eligible for §179 expensing
Used office machinery, Qualified leasehold improvements, A new delivery truck, Used office furniture
Which of the following assets is eligible for bonus depreciation
A new delivery truck

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