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MACRS is not used for tax purposes. false or true ?

MACRS is not used for tax purposes. false or true ?

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Answer- The Answer is False. As MACRS is used for Tax Purposes.

MACRS. MACRS stands for modified accelerated cost recovery system. It is the current system allowed in the United States to calculate tax deductions on account of depreciation for depreciable assets (other than intangible assets). IRS Form 4562 is used to claim depreciation deduction

MACRS serves as the most suitable depreciation method for tax purposes.The MACRS depreciation method allows greater accelerated depreciation over the life of the asset. This means that the business can take larger tax deductions in the initial years and deduct less in later years of the asset's life.

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