11. Which of the following statements regarding the bonus additional first-year depreciation (AFYD) is CORRECT? A. If a trade or business acquired and placed a new qualifying asset in service on February 1, 2020, it would not be entitled to AFYD since the Tax Cuts and Jobs Act did not extend accelerated deductions past 2017 B. If a calendar year trade or business acquired and placed a new qualifying asset in service on July 1, 2020, the half-year convention would entitle the purchaser to 50- percent AFYD. C. A taxpayer is entitled to elect out of claiming additional first-year depreciation. 12. Under the general depreciation system of MACRS, nonresidential real property placed in service on or after May 13, 1993 is depreciated over which one of the following recovery periods? A. 27.5 years. B. 39 years. C. 40 years. 13. Generally, the sale of any asset in which $179 expense election has been taken is subject to recapture under which one of the following? A. Section 1231. B. Section 1245. C. Section 1250