Which of the following statements is correct regarding the depreciable lives of business assets? Multiple choice question. For tax purposes, GAAP has predetermined estimated lives. For financial accounting, Congress has set recovery periods for various types of assets. For tax purposes, management can choose the estimated life. For financial accounting, GAAP has set recovery periods for various types of assets. For financial accounting, management can choose the estimated life. For tax purposes, Congress has set recovery periods for various types of assets. The same recovery period (or estimated life) must be used for tax purposes as for financial accounting purposes