Choose the correct statement regarding tax depreciation.a. Nonresidential real property is depreciated over 27.5 years.Ob. Residential real property is depreciated over 39 years.Oc.c. Depreciation on real property starts at the beginning of the year in which the property is placed in service.Od. Nonresidential real property is depreciated over 39 years. Which of the following is true about the MACRS depreciation system?Oa. Residential rental buildings are depreciated straight-line over 20 years.Ob. Commercial real estate buildings are depreciated over 39 years using accelerated depreciation.Oc. No salvage value is used before depreciation percentages are applied to depreciable real estate.Od. No matter when equipment is purchased during the month, it is considered to have been purchased mid-month for MACRS depreciation purposes.

Regarding tax depreciation, the residential properties have a determinable useful life of 27.5 years…

Answered: onresidential real property is…

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onresidential real property is depreciated over 27

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 7BCRQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Choose the correct statement regarding tax depreciation.
a. Nonresidential real property is depreciated over 27.5 years.
Ob. Residential real property is depreciated over 39 years.
Oc.
c. Depreciation on real property starts at the beginning of the year in which the property is placed in service.
Od. Nonresidential real property is depreciated over 39 years.

Which of the following is true about the MACRS depreciation system?
Oa. Residential rental buildings are depreciated straight-line over 20 years.
Ob. Commercial real estate buildings are depreciated over 39 years using accelerated depreciation.
Oc. No salvage value is used before depreciation percentages are applied to depreciable real estate.
Od. No matter when equipment is purchased during the month, it is considered to have been purchased mid-month for MACRS depreciation purposes.

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