Question: When a taxpayer (or a business) does not take the depreciation expense in one year, the taxpayer must still reduce the asset's tax basis by

When a taxpayer (or a business) does not take the depreciation expense in one year, the taxpayer must still reduce the asset's tax basis by the depreciation. A taxpayer cannot claim past depreciation expenses not taken unless the taxpayer requests a change in accounting method.

TRUE

FALSE

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