Please answer the following questions in your own words.

1. Compare and contrast the recovery periods used by MACRS and those under generally accepted accounting principles (GAAP) including straight-line, double-declining, units of activity, etc.

2. Discuss why Congress has instructed to depreciate real property using the mid-month convention as opposed to the half-year convention used for tangible personal property.

3. What is something that you can take away from this class that you can use outside of class?