Which of the following statements regarding depreciation is incorrect?

A. While Congress has enacted several different depreciation methods, all currently owned assets are depreciated using the method in effect when the asset was placed in service.

B. Pedro purchased used delivery equipment costing $80,000 and used computers costing $90,000 (the only assets purchased) that are used in his business. He may allocate his section 179 deduction to either or both assets.

C. MACRS eliminates several sources of potential conflict between the IRS and taxpayers concerning an asset's useful life and the calculation of the depreciation deduction.

D. The Section 179 expense deduction is allowed on all depreciable and tangible property used in a trade or business.

E. The earlier the depreciation deduction can be taken, the greater the present value of the tax savings will be to the taxpayer.