Tax depreciation differs from financial accounting depreciation. Which is true of tax depreciation? Tax depreciation allows for immediate expensing in the year placed in service Tax depreciation does not use estimated residual value Tax depreciation uses fixed recovery periods (property classes) All of the above are true of tax depreciation Question 14 7 pts Regarding property, plant, and equipment, which of the following is false? The capitalization of interest is allowed for self-constructed assets The cost of removing old buildings is charged to land A company may purchase equipment by issuing stock Improvements and repairs have similar accounting treatment