1.Under the modified accelerated cost recovery system, the cost of an asset is recovered:

a.Over an amount that generally is higher than the historical cost of the asset.

b.Over a time period that generally is longer than the economic life of the asset.

c.Over an amount that generally is lower than the historical cost of the asset.

2.The modified accelerated cost recovery system (MACRS) provides:

a.The same cost recovery systems for realty and personalty.

b.A single asset category to standardize the depreciation process.

c.Standardized straight-line depreciation for every asset.

d.Separate cost recovery systems for realty and personalty.

e.A single class life to standardize the depreciation process.

d.Over a time period equal to 90% of the economic life of the asset.

e.Over a time period that generally is shorter than the economic life of the asset.