Which of the following statements is correct?

Question

Quizplus · Accepted Answer

None of the statements are correct.

A)MACRS is typically used to depreciate fixed assets, not current assets.
B)Section 179 is a tax code that allows small businesses to deduct the full purchase price of qualifying assets in the year they are purchased, up to a certain limit. Large corporations often rely on other methods of depreciation because they have different tax considerations and financial goals.
C)Accelerated depreciation is a method that allows businesses to deduct more of the cost of an asset in the earlier years of its useful life, which can provide a tax benefit. However, some businesses may prefer the straight-line method because it provides a more consistent and predictable expense over the asset's useful life.

Which of the Following Statements Is Correct