Chapter 7: Accounting Periods and Methods and Depreciation Chapter Contents
Chapter 7 Accounting Periods and Methods and Depreciation Chapter Introduction 71 Accounting Periods 71a Individual Tax Years 71b Partnership and Corporation Tax Years 71c ShortPeriod Taxable Income 72 Accounting Methods 72a Restrictions on the Use of the Cash Method 73 Depreciation 74 Modified Accelerated Cost Recovery System (MACRS) 74a MidQuarter Convention 74b Bonus Depreciation 74c Real Estate 74d MidMonth Convention 74e Reporting Depreciation Expense 75 Election to Expense 76 Listed Property 77 Limitation on Depreciation of Luxury Automobiles 78 Intangibles 78a Exclusions 79 Related Parties (Section 267) 79a Losses 79b Unpaid Expenses and Interest 79c Relationships Questions and Problems Key Terms 1/2