T/F 7. Taxpayers are still allowed to fully depreciate luxury cars, but must depreciate them...
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Accounting
T/F
7. Taxpayers are still allowed to fully depreciate luxury cars, but must depreciate them over longer than the normal seven-year recovery period.
8. If a taxpayer leases an auto for business purposes the deduction for rental payments is not reduced to reflect the luxury auto depreciation limits imposed on purchased vehicles.
9. Use of the mid-quarter convention always results in less cost recovery than use of the half-year convention.
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