Question

which of the following items acquired as part of an acquisition of a business is not Section 197 intangible property

QUESTION 12 A taxpayer places in service $55,000 of 5-year property on August 16, and $45.000 of 7-year property on December 2. Assuming the taxpayer elects not to take Section 179 expense of bonus depreciation on ether property, which of the following statements is correct? The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter convention to depreciate the 7-year property The taxpayer uses the mid-quarter convention to depreciate the 5-year property, but uses the half-year convention to depreciate the 7-year property The taxpayer can elect to depreciate the 5-year property using alternative MACRS (straight line), but can use regular (accelerated) MACRS to depreciate the 7-year property If the taxpayer elects to depreciate the 5-year property using ADS, the taxpayer must also depreciate the 7-year property using ADS None of the above are correct.

Answer 1

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Answer is highlighted in yellow: Solution: Answer: If the taxpayer elects to depreciate the 5-year property using ADS, the taxpayer must also deprecate the 7-year property using ADS. Explanation: It is standardized, no explanation require.