The MACRS calculation is based on the estimated useful life of the depreciable asset.

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Question $2(1$ point$)$

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KJD Incorporated, a calendar year corporation, purchased $$923,000$ of equipment on November $13.$ This was KJD$\text{'}$s only purchase of tangible personalty this year. KJD must use a midquarter convention to compute MACRS depreciation on the equipment.

Question $2$ options:

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False

Question $3(1$ point$)$

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MACRS depreciation for buildings is based on the straight$-$line method.

Question $3$ options:

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An asset's adjusted book basis and adjusted tax basis convey no information about the asset's fair market value.

Question $4$ options:

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Question $5(1$ point$)$

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BriarHill Incorporated purchased four items of tangible personalty in $2024$ at a total cost of $$4,323,000.$ BriarHill cannot elect to expense any of the cost of the property under Section $179.$

Question $5$ options:

True

False