Which of the Following Statements About MACRS Is Not Correct

question 121

Multiple Choice

Which of the following statements about MACRS is not correct?

• A)MACRS is the only accelerated depreciation method that may be used on newly acquired assets for federal income tax purposes.
• B)The method permits "depreciating" the asset to a tax basis of $0 over a specified recovery period.
• C)If a company uses MACRS in its income tax returns,it also must use MACRS in its financial statements.
• D)Most businesses would benefit from using MACRS rather than straight-line depreciation in their income tax returns.

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Definitions:

Cholinesterase

is an enzyme that breaks down acetylcholine and other choline esters that function as neurotransmitters, important in muscle function and memory.

Lewy Body

Abnormal aggregations of protein that develop inside nerve cells, contributing to Parkinson's disease and dementia.

Frontotemporal Degeneration

A group of brain disorders caused by the progressive loss of nerve cells in the frontal and/or temporal lobes, affecting behavior, language, and movement.

Protein B-amyloid

A protein involved in the formation of amyloid plaques in the brain, associated with Alzheimer's disease.