When Depreciating 5-Year Property,the Final Year of Depreciation Will Be

question 67

Multiple Choice

When depreciating 5-year property,the final year of depreciation will be year

• A)3)
• B)4)
• C)5)
• D)6)

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Definitions:

Unlimited Liability

A legal structure where business owners' personal assets can be used to pay off the business's debts and liabilities.

General Partner

An owner of a partnership who has unlimited liability and is active in managing the business.

LLLP

Stands for Limited Liability Limited Partnership, a form of partnership that provides all its partners with limited liability protections.

Federal Income Tax

A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities.