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True/False 1. Once a taxpayer chooses a depletion method that method must be used for subsequent years. 2. Purchased computer software (not purchased in connection
True/False
1. Once a taxpayer chooses a depletion method that method must be used for subsequent years.
2. Purchased computer software (not purchased in connection with the acquisition of a number of assets of an existing trade or business) is depreciated in one of two ways depending on whether the software is included in the cost of the computer or is purchased separately.
3. The recovery period for tax purposes is dependent upon the asset's actual economic life.
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