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Individual Income Tax > Chapter 12 Depreciation > Flashcards

Chapter 12 Depreciation Flashcards

1
Q

Under MARCS which property class does a horse belong to?

A

3-year

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2
Q

Under MARCS which property class does a qualified rent-to-own property belong to?

A

3-year

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3
Q

Under MARCS which property class do automobiles, taxis, buses and trucks belong to?

A

5 year

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4
Q

Under MARCS which property class do computers belong to?

A

5-year

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5
Q

Under MARCS which property class does office machinery ( such as typewriters, calculators and copiers) belong to?

A

5-year

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6
Q

Under MARCS which property class does any property used in research and experimentation belong to?

A

5-year

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7
Q

Under MARCS which property class does a cattle belong to?

A

5-year

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8
Q

Under MARCS which property class do carpets, appliances, furniture etc, used in residential rental property belong to?

A

5-year

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9
Q

Under MARCS which property class does geothermal, solar and wind energy property belong to?

A

5-year

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10
Q

Under MARCS which property class does office furniture and fixtures (such as desks, files and safes) belong to?

A

7-year

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11
Q

Under MARCS which property class does agricultural machinery belong to?

A

7-year

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12
Q

Under MARCS which property class does any property that does not have a class life belong to?

A

7-year

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13
Q

Under MARCS which property class does any natural gas gathering line placed in service after April 2005 belong to?

A

7-year

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14
Q

Under MARCS which property class do vessels, barges, tugs and similar water transportation equipment belong to?

A

10-year

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15
Q

Under MARCS which property class does amy single purpose agricultural or horticultural structure belong to?

A

10-year

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16
Q

Under MARCS which property class does any tree or vine bearing fruit or nuts belong to?

A

10-year

17
Q

Under MARCS which property class do certain depreciable improvements made directly to land ( such as shrubbery, fences, sidewalks, roads and bridges) belong to?

A

15-year

18
Q

Under MARCS which property class does any qualified leasehold improvement property placed in service before 2015 belong to?

A

15-year

19
Q

Under MARCS which property class does any restaurant property placed in service before 2015 belong to?

A

15-year

20
Q

Under MARCS which property class does any qualified retail improvement property placed in service before 2015 belong to?

A

15-year

21
Q

Under MARCS which property class do farm building (other than single use structures) belong to?

A

20-year

22
Q

Under MARCS which property class does any water utility property belong to?

A

25 year

23
Q

Under MARCS which property class does a tractor belong to?

A

3-year property

24
Q

Under MARCS which property class does real property that makes 80% or more of its gross income from dwelling units belong to?

A

Residential rental property

25
Q

What is the recovery period for rental property placed in service after 1986

A

27.5 years

26
Q

Under MARCS which property class does real property such as office buildings, factories, business use of the home belong to?

A

Nonresidential real property

27
Q

What is the recovery period for nonresidential real property placed in service after May 12 1993

A

39-years

28
Q

What is the recovery period for nonresidential property placed in service before May 13 1993

A

31.5 years

Individual Income Tax (5 decks)

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