General
This form is used to report depreciation expense on a tax return
What is Form 4562?
The cost recovery period for computer hardware
What is 5 years?
The form bonus depreciation is reported on a tax return
Section 179 allows a taxpayer to do this
What is immediate expensing?
This movie started a franchise back in 2009 and still holds the top box office gross of all time (not adjusted for inflation)
What is Avatar?
This form is used to report gains and losses from the disposition of property on a tax return
What is form 4797?
The cost recovery period for a residential building
What is 27.5 years?
The 2023 Bonus Depreciation Limit
What is 80%?
What is indefinite carryover period?
This former SNL star plays the role of Buddy the Elf in the holiday classic - Elf
Who is Will Ferrell?
The cost recovery of an intangible asset is referred to as this
What is amortization?
The standard depreciation system used by most taxpayers
What is GDS (General Depreciation System)?
The maximum useful life of an asset in order to be eligible for Bonus Depreciation
What is 20 years?
HVAC, Roofs, Fire Protection Systems, and Security systems eligible for 179 are known as this
What is Qualified Real Property?
This company owns some of the most profitable movie franchises such as Star Wars and Marvel
What is Disney?
The type of property that has specific rules governing how it is depreciated
What is Listed Property?
The convention used for residential and nonresidential real property
What is Mid-Month?
The only way to not take bonus depreciation
What is elect out?
The two limitations for taking section 179 expense
What is taxable income and cost of Section 179 property placed in service?
The director of the Titanic
Who is James Cameron?
This occurs when an asset is disposed of before the useful life of the asset has lapsed
What is depreciation recapture?
This convention is forced on taxpayers who place more than 40% of tangible personal property assets in service in the 4th Quarter
What is mid-quarter?
This type of property is generally not allowed to take bonus depreciation
What is real property?
Maximum amount of Section 179 allowable in 2023?
What is $1,160,000?
This actor had 3 blockbuster comedies released in the year 1994
Who is Jim Carey? (The Mask, Dumb and Dumber, Ace Ventura: Pet Detective)