1. Property which is
classified as personalty may be depreciated.
a. True
b. False
2. The basis of cost
recovery property must be reduced by at least the cost recovery allowable.
a. True
b. False
3. Antiques may be
eligible for cost recovery if they are used in a trade or business.
a. True
b. False
4. The key date for
calculating cost recovery is the date the asset is placed in service.
a. True
b. False
5. Land improvements are
generally not eligible for cost recovery.
a. True
b. False
6. The cost recovery
basis for property converted from personal use to business use may be the fair
market value of the property at the time of the conversion.
a. True
b. False
7. The maximum cost
recovery method for all personal property under MACRS is 150% declining
balance.
a. True
b. False
8. The cost recovery
period for 3-year class property is 4 years.
a. True
b. False
9. All personal property
placed in service in 2013 and used in a trade or business qualifies for
additional first-year depreciation.
a. True
b. False
.
10.If more than 40% of
the value of property, other than real property, is placed in service during
the last quarter, all of the property placed in service in the second quarter
will be allowed 7.5 months of cost recovery.
a. True
b. False
11.Under MACRS, if the
mid-quarter convention is applicable, all property sold is treated as being
sold at the mid-point of the quarter in which it is placed in service.
a. True
b. False
12.The factor for
determining the cost recovery for eligible real estate under MACRS, in the year
of disposition, is taken from the month of the disposition.
a. True
b. False
13.Residential rental
real estate includes property where 80% or more of the net rental revenues are
from nontransient dwelling units.
a. True
b. False
.
14.Motel buildings have
a cost recovery period of 27.5 years.
a. True
b. False
15.Taxpayers may elect
to use the straight-line method under MACRS for personalty.
a. True
b. False
16.Under the MACRS
straight-line election for personalty, only the half-year convention is
applicable.
a. True
b. False
.
17.The cost recovery
method for new farm equipment placed in service during 2014 is 200% declining
balance.
a. True
b. False
.
18.In a farming
business, MACRS straight-line cost recovery is required for all fruit bearing
trees.
a. True
b. False
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