Table 9.7 Modified ACRS depreciation allowances Property Class Year 3-Year 5-Year 7-Year 1 33.33% 20.00% 14.29% 44.45 32.00 24.49 2345678 14.81 19.20 17.49 7.41 11.52 12.49 11.52 8.93 5.76 8.92 8.93 4.46 A piece of newly purchased industrial equipment costs $1.475 million and is classified as seven-year property under MACRS. (MACRS schedule) year 1 2 3 4 5 6 7 Beginning book value Depreciation allowance I= Ending boo lue