Which of the following is an accurate statement regarding financial statement and income tax depreciation methods?
A) Straight-line depreciation is the most popular method for income tax purposes.
B) The IRS has its own set of rules to compute depreciation for income tax purposes.
C) The Modified Accelerated Cost Recovery System can be used for both financial statement and income tax purposes.
D) If an accelerated depreciation method is used for income tax purposes, a company will pay more in income taxes.
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