Once the Useful Life of a Depreciable Asset Has Been

question 28

True/False

Once the useful life of a depreciable asset has been estimated and the amount to be depreciated each year has been determined, the amounts can be changed.

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Definitions:

Dependency Exemption

A tax deduction available to taxpayers for each qualifying dependent, reducing the taxable income. It has been suspended for tax years 2018 through 2025 under the 2017 Tax Cuts and Jobs Act.

Qualifying Child

A dependent who meets specific IRS criteria related to relationship, age, residency, and support, affecting tax benefits.

Tests

Examinations or assessments used to measure knowledge, skills, abilities, or performance.

Basic Standard Deduction

A set dollar amount that reduces the income on which you are taxed, varying according to filing status, available to all taxpayers who do not itemize deductions.