An example of an asset that is both personal$-$use and personal property is:

a$.$ a computer used solely to email company employees regarding company activities.

b$.$ a storage building used by the CEO to store personal records.

c$.$ a computer used solely to monitor the CEOs investments and to complete her Form $1040.$

d$.$ a company airplane used by the CEO for business travel.

e$.$ all of the assets are personal$-$use and personal property.

Which of the following is not usually included in an asset's tax basis?

a$.$ Purchase price

b$.$ Sales tax

c$.$ Shipping

d$.$ Installation costs

e$.$ All of the choices are included in an asset's tax basis.

Which of the following would most likely be added to the tax basis of a car?

a$.$ Oil change

b$.$ Engine overhaul

c$.$ Wiper blade replacement

d$.$ Air filter change

e$.$ All of them

Tax depreciation is currently calculated under what system?

a$.$ Sum$-$of$-$the$-$years'$-$digits

b$.$ Accelerated cost recovery system

c$.$ Modified Accelerated Cost Recovery System

d$.$ Straight$-$line system

e$.$ None of the choices are correct.

Which is not an allowable method under MACRS?

a$.150$ percent declining balance

b$.200$ percent declining balance