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Which of the following is TRUE regarding the depreciation of residential rental property? A. Taxpayers are required to depreciate such property using the General Depreciation
Which of the following is TRUE regarding the depreciation of residential rental property?A. Taxpayers are required to depreciate such property using the General Depreciation System (GDS). B. Unimproved land is depreciable over 30 years if the taxpayer intends to construct residential rental units on the land. C. Depreciation begins on the first day of the calendar year in which such property was placed into service. D. Taxpayers who used the GDS system depreciate the property over 27.5 years.
A. Taxpayers are required to depreciate such property using the General Depreciation System (GDS).
B. Unimproved land is depreciable over 30 years if the taxpayer intends to construct residential rental units on the land.
C. Depreciation begins on the first day of the calendar year in which such property was placed into service.
D. Taxpayers who used the GDS system depreciate the property over 27.5 years.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
