True or False (T/F):

A. Bonus depreciation in 2020 generally permits taxpayers to deduct 100% of the cost of the asset in the year placed in service.

B. In applying the statutory depreciation percentages from the MACRS tables, the cost of the asset must first be reduced by the prior years depreciation.

C. The maximum annual Section 179 immediate expensing deduction in 2020 is $1,020,000.

D. The condemnation of property is not an involuntary conversion, since it is done pursuant to a government decree.

E. The exchange of inventory does not qualify for like-kind exchange treatment.

F. Taxpayers may expense under section 179 the cost of depreciable personal property placed in service during the year and used in a trade or business in an amount up to a maximum of $2,590,000 annually.