Identify which Depreciation and Cost Recovery, Amortization and Depletion Tax Statement a True or False Griffin is sole proprietor of G Enterprises. He acquired new computer equipment and office furniture and fixtures for use in his business this year. As a sole proprietor, he can detail the depreciation by reporting directly on Schedule C of Form 1040. (Profit or Loss from Business). Land, buildings, equipment, and common stock are examples of tangible property Off-the-shelf computer software that is purchased for use in the taxpayer's trade or business is amortized over 36 months, or it can be immediately expensed under a Sec. 179 election. Because Joseph and his family enjoy camping, he bought a pickup truck last year for personal use. The truck cost $40,000. Joseph is starting a farming business this year and will now be using the truck in the business full-time. Based on online searches, similar trucks are selling for $32,000. When determining his business income, Joseph will be able to calculate depreci