Asked by Jill Colleen Argame on May 02, 2024
Verified
Under MACRS, furniture is depreciated over seven years.
MACRS
The Modified Accelerated Cost Recovery System, a method of depreciation used for tax purposes in the United States allowing faster depreciation.
Furniture
Movable articles intended to support various human activities such as seating, eating, and sleeping, often used to decorate and make spaces habitable.
Depreciated
The process of allocating the cost of a tangible or physical asset over its useful life, reflecting the decrease in value over time.
- Identify the significance and implementation of the Modified Accelerated Cost Recovery System (MACRS) in depreciation calculations.
Verified Answer
Learning Objectives
- Identify the significance and implementation of the Modified Accelerated Cost Recovery System (MACRS) in depreciation calculations.
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