A depreciation method that allocates depreciation of a plant asset based on the Tax Act of 1989 is the _____ method.

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28-03-2020
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A depreciation method that allocates depreciation of a plant asset based on the Tax Act of 1989 is the _____ method.

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steffimarish steffimarish · Answer 1 · 2020-04-02T10:47:34+02:00

Answer: MACRS

Explanation:

This is the Modified Accelerated Cost Recovery System of Depreciation (MACRS) that is modified as per the Tax bill of 1989. There is no salvage value in this method. Both straight line method of depreciation and accelerated method of depreciation is used under MACRS.

Assumptions are taken such as half year, mid year or mid month when the assets are disposed. Assets classes are given which shows the number of years of depreciation for particular assets.