The MACRS percentages in the IRS tables are applied annually to the then current book value...

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The MACRS percentages in the IRS tables are applied annually to the then current book value of an asset. An asset classified as 3-year MACRS property will be fully depreciated at the end of Year 3. An asset will be depreciated faster using MACRS rather than the straight-line method. All newly acquired property is considered to be placed in service at the start of the year for MACRS purposes. The MACRS system of depreciation was eliminated by the IRS in 2012. The MACRS percentages in the IRS tables are applied annually to the then current book value of an asset. An asset classified as 3-year MACRS property will be fully depreciated at the end of Year 3. An asset will be depreciated faster using MACRS rather than the straight-line method. All newly acquired property is considered to be placed in service at the start of the year for MACRS purposes. The MACRS system of depreciation was eliminated by the IRS in 2012.