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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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