Under MACRS, the cost of depreciable property is recovered using

The applicable convention.

The applicable depreciation method.

The applicable recovery period.

All of the following statements are correct regarding bonus depreciation except

Only new property is eligible for bonus depreciation.

First-year bonus depreciation is 100% for qualified property.

Qualified property would not include any property used by a regulated public utility company or any property used in a real property trade or business.

The property cannot be acquired from a related party.

All of the answers are correct.