Which one of these statements related to MACRS depreciation is correct? The MACR

Question

Which one of these statements related to MACRS depreciation is correct?

The MACRS percentages are specified by the FASB.

The MACRS system of depreciation was eliminated in 2012.

An asset will be depreciated faster using MACRS rather than the straight-line method.

An asset classified as 3-year MACRS property will be fully depreciated at the end of Year 3.

All property newly acquired after 2012 has to be depreciated using MACRS.

The MACRS percentages are specified by the FASB.

The MACRS system of depreciation was eliminated in 2012.

An asset will be depreciated faster using MACRS rather than the straight-line method.

An asset classified as 3-year MACRS property will be fully depreciated at the end of Year 3.

All property newly acquired after 2012 has to be depreciated using MACRS.

Explanation / Answer

An asset classified as 3-year MACRS property will be fully depreciated at the end of Year 3.

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