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36. When discussing depreciation in terms of allowed or allowable, which of the following is true? A. Allowable depreciation is the depreciation deduction claimed on

36. When discussing depreciation in terms of allowed or allowable, which of the following is true?

A. Allowable depreciation is the depreciation deduction claimed on an income tax return accepted by the IRS.

B. Allowable depreciation is the amount a taxpayer may deduct from gross income using the methods, conventions, and recovery periods provided in the current tax law.

C. Allowed and allowable have the same meaning.

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