Which of the Following Assets Would Be Allowed a Depreciation

question 53

Multiple Choice

Which of the following assets would be allowed a depreciation deduction?
I.A truck used to provide transportation to a job site.
II.A car used for personal purposes.
III.An apartment building rented out for the production of rental income.
IV.A personal-use computer of the taxpayer.
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• A)Only statement II is correct.
• B)Statements II and IV are correct.
• C)Only statement I is correct.
• D)Statements I and III are correct.
• E)All of the assets are depreciable.

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Definitions:

Trade Barriers

Measures implemented by governments to restrict or discourage international trade, such as tariffs, quotas, and embargoes.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, indicative of a thriving economic condition.

Euro

The official currency of the Eurozone, which is used by many of the member states of the European Union.

Common Currency

A currency that is used by several countries, facilitating easier trade and economic stability within those regions; the Euro is a well-known example.