How is the recovery period of an asset determined?
A) Estimated useful life
B) Treasury regulation
C) Revenue Procedure 87-56
D) Revenue Ruling 87-56
E) None of the choices are correct.

Question

Quizplus · Accepted Answer

The recovery period of an asset is determined by Revenue Procedure 87-56, which provides guidelines for the depreciation of assets under the Modified Accelerated Cost Recovery System (MACRS).

How Is the Recovery Period of an Asset Determined