Under the current tax law, an asset that is classified as 5-year property and has a cost of $100,000 would result in a depreciation deduction in Year 2 of

Question

Quizplus · Accepted Answer

The correct answer is A because the depreciation deduction for 5-year property is 20% in the first year, 32% in the second year, 19.2% in the third year, 11.52% in the fourth year, and 11.52% in the fifth year.

Under the Current Tax Law, an Asset That Is Classified