Question

The modified accelerated cost recovery system (MACRS):Multiple ChoiceIs required for financial reporting.Does not allow partial year depreciation.Is an outdated system that is no longer used by companies.Is identical to units of production depreciation.Is included in the U.S. federal income tax rules for depreciating assets.

Answer 1

Answer:

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.

Explanation:

The U.S. federal income tax rules for depreciating assets is the modified accelerated cost recovery system (MACRS). It is the current system allowed in the nation of the United States for tax computation deductions on account of depreciation for depreciable assets (other than intangible assets).

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.