Which of the following is NOT correct? i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year. ii. Annual allowance is not given in the year of disposal. iii. Annual allowance may be granted if a qualifying asset is temporarily out of use. iv. Capital allowance is granted instead of depreciation for all assets a. ii and iv b. i only c. i, and iv d. ii and iii
Which of the following is NOT correct? i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year. ii. Annual allowance is not given in the year of disposal. iii. Annual allowance may be granted if a qualifying asset is temporarily out of use. iv. Capital allowance is granted instead of depreciation for all assets a. ii and iv b. i only c. i, and iv d. ii and iii
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 5MCQ: Which of the following statements with respect to the depreciation of property under MACRS is...
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Which of the following is NOT correct?
i. Initial allowance is claimable in the year the qualifying expenditure is incurred; however, it can be deferred to another year.
ii. Annual allowance is not given in the year of disposal.
iii. Annual allowance may be granted if a qualifying asset is temporarily out of use.
iv. Capital allowance is granted instead of depreciation for all assets
a. ii and iv
b. i only
c. i, and iv
d. ii and iii
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