If a business mistakenly claims too little depreciation, the business must only reduce the asset's basis by the depreciation actually taken rather than the amount of the allowable depreciation.
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Q1: The MACRS depreciation tables automatically switch to
Q2: An asset's capitalized cost basis includes only
Q3: Tax cost recovery methods include depreciation, amortization,
Q5: The mid-month convention applies to real property
Q8: Like financial accounting, most acquired business property
Q11: Depreciation is currently computed under the Modified
Q12: The 200 percent or double declining balance
Q15: If a taxpayer places only one asset
Q18: The §179 immediate expensing election phases out
Q20: Taxpayers may use historical data to determine
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