Which of the Following Is Not a True Statement About

question 13

Multiple Choice

Which of the following is not a true statement about "listed" property?

• A)An ambulance is "listed" property.
• B)A taxpayer can elect to expense an asset if its business use is greater than 50 percent.
• C)If business use drops below 50 percent,then the prior years' excess depreciation must be added to income.
• D)A taxpayer must use straight- line depreciation if the business use is below 50 percent.

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Definitions:

Multiple-Step Approach

An income statement preparation method that highlights several steps or stages in determining net income, including operating and non-operating sections.

IFRS

IFRS stands for International Financial Reporting Standards, a set of accounting standards that provide guidelines for financial reporting globally.

Income from Operations

Earnings generated from a company's regular, core business activities, excluding non-operational income and expenses.

Operating Expenses

Expenses that are incurred during the normal operation of a business, including costs like rent, utilities, and salaries.