QuestionJune 1, 2025

Bonus depreciation is only available on new tangible personal property with a recovery period of under 20 years. It can not be taken on previously owned (Le: used) property. True False

Bonus depreciation is only available on new tangible personal property with a recovery period of under 20 years. It can not be taken on previously owned (Le: used) property. True False
Bonus depreciation is only available on new tangible personal property with a recovery period of under 20 years. It can not be taken on previously owned (Le:
used) property.
True
False

Solution
4.1(215 votes)

Answer

True Explanation 1. Identify the criteria for bonus depreciation Bonus depreciation applies to new tangible personal property with a recovery period of 20 years or less. 2. Determine applicability to used property Bonus depreciation cannot be applied to previously owned (used) property.

Explanation

1. Identify the criteria for bonus depreciation<br /> Bonus depreciation applies to new tangible personal property with a recovery period of 20 years or less.<br />2. Determine applicability to used property<br /> Bonus depreciation cannot be applied to previously owned (used) property.
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