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Which of the following statements is true regarding depreciation and amortization? Goodwill cannot be amortized for tax purposes. Property used in a trade or business
Which of the following statements is true regarding depreciation and amortization?
Goodwill cannot be amortized for tax purposes. | ||
Property used in a trade or business may not be depreciated if it has been used previously for personal purposes. | ||
Salvage value is not considered for any of the depreciation methods allowed under MACRS. | ||
Under MACRS, the straight-line method of depreciation is not allowed for personal property. |
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