15. Which one of the following is true about Modified Accelerated Cost Recovery System ("MACRS")? (Points : 1)

A building is depreciated using 200% declining balance depreciation

Buildings & autos both have the same depreciation life.

A light duty business truck is depreciated using accelerated depreciation.

All of the other choices are false.

Stewie Corporation bought a $600,000 apartment building in June of 2013. Of the purchase price, $104,950 is allocated to the value of the land. What is the maximum amount of depreciation that the company can claim in 2014 year 2 for the building? (Points : 1)

$9,752 $18,000 $25,000 under the election to expense business property $21,816 One cannot depreciate property costing over $500,000