True or false

land improvements generally are not eligible for cost recovery

True or false

Personal property, new or used that is used in a trade or business qualifies for additional first year depreciation

True or false

If more than 40% of the value of property, other than real property is placed in service during the last quarter, all of the property placed in service in the second quarter will be allowed 7.5 months of cost recovery.

True or false

The factor for determining the cost of recovery for eligible real estate under MACRS in the year of disposition is taken from the month of the disposition

True or false

For personal property placed in service in 2023, the 179 maximum deduction is 1,160,000

True or false

Any 179 expense amount is carried forward, is subject to the business income, limitation in the carry forward year

True or false

The basis of an asset on which 20,000 has been expensed under 179 will be reduced by $20,000 even if the $20,000 cannot be expensed in the current year because of the taxable income limitation

True or false

After the additional first year depreciation is determined, the regular MACRS cost recovery deduction is calculated by multiplying the remaining cost recovery basis (original cost recovery basis, less section 179 expense and additional first year depreciation) by the appropriate MACRS percentage

True or false

A taxpayer is required to take additional first year depreciation

True or false

Goodwill associated with the purchase of a business cannot the amortized