Which of the following statements regarding the alternative MACRS depreciation system is not true?

The alternative MACRS depreciation system is figured using straight-line method, no salvage value, and the class life of the asset or 12 years if no class life is assigned.

The election to use the alternative MACRS system can be revoked.

Excluding nonresidential real and residential rental property, the election of the alternative MACRS depreciation system for a recovery class of property applies to all property in that recovery class that is placed in service during the tax year of the election.

The election must be made by the due date, including extensions, for the tax return of the year in which the property was placed in service.