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Which of the following is true about cloud computing?
Luxury Auto Limits
The maximum amount of depreciation expenses that taxpayers can claim for luxury vehicles, as defined and imposed by the IRS.
Depreciation
The accounting method of allocating the cost of a tangible or physical asset over its useful life, reflecting the loss in value over time.
Business Use
The utilization of goods, services, or assets for the purpose of generating income or benefits in a business context.
Half-Year Convention
The Half-Year Convention is a method for calculating depreciation in which all assets acquired during a year are considered to have been acquired at the midpoint of the year.
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