2. Personal property (new or used) that is used in a trade or business qualifies for additional first-year depreciation. True or False

5. For personal property placed in service in 2021, the 179 maximum deduction is $1,050,000.

True

False

8. After the additional first-year depreciation is determined, the regular MACRS cost recovery deduction is calculated by multiplying the remaining cost recovery basis (original cost recovery basis less section 179 expense and additional first-year depreciation) by the appropriate MACRS percentage.

True

False

9. A taxpayer is required to take additional first-year depreciation.

True

False