Three types of cost recovery and the key descriptor 2. 1. Nature of property (two types) 3. Should personal property be depreciated? 4. Explain Allowed or Allowable 5. What is the basis when converting from personal to business 6. Explain the concept of class life as related to depreciation 7. What is the difference between SL and MACRS 8. When does residential real estate become non-residential real estate? 9. What is the Section 179 limit for 2017? 10. What are the three classifications of vehicle depreciation? 11. When do you use ADS? 12. What is the method and time for Amortization 13. List the two methods for Depletion