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1- Describe the following terms: depreciation, deterioration and obsolescence. 2- What are the different types of properties for depreciation purposes? 3- Explain the difference of

1- Describe the following terms: depreciation, deterioration and obsolescence. 2- What are the different types of properties for depreciation purposes? 3- Explain the difference of how the expenses of a business are deducted and how the depreciation of capital costs in the business income tax return. 4- Explains in a general way how the MACRS depreciation method is used. 5- Mention 3 historical depreciation methods.

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