[Porma Fierles]

Thanks.

"Fearlessly shape-shifting, to pass this exam!" "STRIVE FOR 85"

BEC-PASSED!, September 6
AUD-PASSED!, November 3
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FAR retake-Spring 2017

[taxgeek83]

Why is anything in the tax code or regs like it is? Someone pulled a number out of thin air and said “Yeah, that sounds good. I'm done working for the day.” 😉

Just kidding…sort of…. 🙂

I'm guessing it has to do with useful life. In other words, the thought is that an average piece of furniture will likely be replaced after about 7 years when it becomes worn out or otherwise obsolete. Generally furniture and fixtures have a 7-year depreciable life; however, I think there is an exception for rental property wherein they have a 5 year life. Check me on that though.

[Porma Fierles]

Oh OK. I did 5 year MACRS instead of 7 year and I thought that the IRC authoritative literature supported 5 years, guess I was wrong though for whatever reason

"Fearlessly shape-shifting, to pass this exam!" "STRIVE FOR 85"

BEC-PASSED!, September 6
AUD-PASSED!, November 3
REG retake-March 4
FAR retake-Spring 2017

[Anonymous]

Based on some of the offices I have seen, ten or fifteen years might be more realistic.

[Porma Fierles]

Hahahaha

"Fearlessly shape-shifting, to pass this exam!" "STRIVE FOR 85"

BEC-PASSED!, September 6
AUD-PASSED!, November 3
REG retake-March 4
FAR retake-Spring 2017

[Author]

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