HS321: Chpt 11

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0 [{"id":405837,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"A deduction for obsolescence may be taken when the taxpayer can predict with reasonable certainty that a particular asset will become obsolete at a fairly definite time in the future. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405838,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Obsolescence means that the asset has a normal economic life of 10 years, after which time it will be replaced by a similar, more modern asset used for the same purpose. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"Obsolescence means a loss of economic usefulness from abnormal causes rather than the ordinary physical wear and tear on the property.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405842,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Automobiles purchased this year must be depreciated on a straight-line basis. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":"Automobiles can generally be depreciated on a double-declining-balance basis (using MACRS Tables) over 5 years.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405836,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Under the double-declining-balance method of depreciation, the annual amount of depreciation for an asset with a life of 5 years would be 40 percent of an asset's unrecovered cost. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405839,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"MACRS provides a cost recovery deduction for each year of a fixed recovery period. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405835,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"A depreciation deduction for property placed in service before January 1981 was allowable under one of several acceptable depreciation methods. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405845,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Under MACRS, the straight-line recovery method may be elected for property that is eligible for the declining-balance method. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405843,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"For 5-year-recovery-period property placed in service this year, the recovery method is generally the double-declining-balance method with a later switch to the straight-line method. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405844,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"The half-year convention is used for all recovery classes of property. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":"The half-year convention is used for all property classes other than real property and certain intangible assets. The recovery deduction for real property is based on the month of the first year that the property was placed in service. The convention used for intangible assets is also based on the month of acquisition.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405834,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Land is a depreciable asset as long as the period of ownership by the taxpayer can be estimated. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":"The cost of land is not depreciable.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405841,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Nonresidential real estate is generally depreciated over a longer recovery period than residential real estate. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405833,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"A mortgagee is allowed to take depreciation deductions on property with respect to the amount of the loan granted. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":"Depreciation deductions may be taken only by the equitable owner of property, not by the mortgagee.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405832,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Depreciation deductions for property are allowed only when the property is used in the taxpayer's trade or business or is held by the taxpayer for the production of income. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405831,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Cost recovery allows the taxpayer to recover the cost of certain assets through tax deductions over a specified period. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":405840,"quiz_id":"20463","answer_id":null,"answerType_id":"0","created_at":"2018-03-10 05:24:00","updated_at":"2018-03-10 05:24:09","questionName":"Residential rental property placed in service this year is depreciated in the 27-year class. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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A deduction for obsolescence may be taken when the taxpayer can predict with reasonable certainty that a particular asset will become obsolete at a fairly definite time in the future. [2]

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