Examlex
Which of the following statements is true of New Orleans under Spanish rule?
MACRS
The Modified Accelerated Cost Recovery System, a method of depreciation in the U.S. for tax purposes, allowing for accelerated asset expense deductions over time.
5-Year Property
Property that is classified under MACRS (Modified Accelerated Cost Recovery System) as having a recovery period of 5 years for depreciation purposes.
Automobiles
Motor vehicles with four wheels, designed primarily for passenger transportation on roadways.
Home Office Expenses
Costs associated with using a portion of a home for business purposes, potentially deductible for tax purposes.
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