Multiple Choice
Which statement concerning depreciation is not true?
A) Only property that has a determinable life is depreciable.
B) Deductions for depreciation must be claimed for the year when the depreciation occurred or they will be forfeited.
C) Personal property converted to business use is not depreciable since it was once used for personal purposes.
D) Land is not depreciable.
Correct Answer:
Verified
Correct Answer:
Verified
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