A major objective of MARCS for tax depreciation is to
a. reduce the amount of depreciation deduction on business firms' tax returns
b. assure that the amount of depreciation for tax and book purposes will be the same
c. help companies achieve a faster write-off of their capital assets
d. require companies to use the actual economic lives of assets in calculating tax depreciation
Answer: c. help companies achieve a faster write-off of their capital assets
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In a bankruptcy, which of the following statements is true?
A. An order for relief results only from a voluntary petition. B. Creditors entering an involuntary petition must have debts totaling at least $21,625. C. Secured notes payable are considered liabilities with priority on a statement of affairs. D. A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.