All of the following statements are correct regarding bonus depreciationexcept

Only new property is eligible for bonus depreciation.

First-year bonus depreciation is 100% for qualified property.

Qualified property would not include any property used by a regulated public utility company or any property used in a real property trade or business.

The property cannot be acquired from a related party.

2)Under MACRS, the cost of depreciable property is recovered using

The applicable convention.

The applicable depreciation method.

The applicable recovery period.

All of the answers are correct.