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Income Tax Planning
Chapter 10: Basis Rules, Depreciation, and Asset Categorization/DEPRECIATION
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 10: Basis Rules, Depreciation, and Asset Categorization

DEPRECIATION

01.Core Concepts

• Allows taxpayer to recover capital over useful life of asset. • May be claimed for assets • Used in a trade or business • Held for production of income • Capital invested in personal use assets is recovered when the asset is sold. • Modified Accelerated Cost Recovery System (MACRS)