Under MACRS,5-Year Property Includes

question 54

Multiple Choice

Under MACRS,5-year property includes:

• A)Warehouse.
• B)Apartment complex.
• C)Automobiles and light trucks used in a trade or business.
• D)Fruit-bearing trees.

---

Definitions:

Continuing Operations

Parts of a business expected to continue operating and contributing to revenue over the long term, as opposed to discontinued operations.

Carrying Amount

The net value of an asset or liability on a company's balance sheet, determined by subtracting its accumulated depreciation or amortization from its original cost.

Convertible

A security, often bonds or preferred shares, that can be converted into a specified number of another form, commonly shares of the issuing company's common stock.

Discount On Bonds Payable

The difference by which a bond's selling price is less than its face value, which effectively increases the interest yield for investors.