Under the modified accelerated cost recovery system $($MACRS$)$ of depreciation for property placed in service after $1986$:

Used tangible depreciable property is excluded from the computation.

Salvage value is ignored for purposes of computing the MACRS deduction.

No type of straight$-$line depreciation is allowable.

For $2023,$ the expensing election is phased out completely for a year when a taxpayer's investment in qualified property for that year reaches $$1,220,000.$