Question

Each of the following are requirements of depreciable property, except It must have a life that...

Each of the following are requirements of depreciable property, except

It must have a life that can be determined, and that life must be longer than one year.

It must be something that wears out, decays, gets used up, becomes obsolete, or loses value from natural causes.

It must be used in business or held for the production of income.

It must be intangible property.
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Answer #1

It must be an intangible property

( Depreciation means decline in the value of fixed asset due to use , passage of time or obsolescence. It's the systematic allocation of the depreciable amount of an asset over its useful life. Depreciable property includes assets such as machinery, vehicles, equipment, furniture etc.A depreciable property is supposed to have a determinable life . It must last for more than one year and it must be used in income generating activitiy.

> However there is no requirement that a depreciable property should be an intangible asset.Only certain intangible assets like patents, copyrights and software are considered as depreciable assets. But they are amortized instead of depreciated )

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