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For any assets that are completely or partially expensed, the company must reduce before the MACRS depreciation charge was calculated, and the asset's basis was determined.
In the United States, the tax depreciation method is known as MACRS, or Modified Accelerated Cost Recovery System. The method used to determine the tax deductions for your company's depreciable (tangible) assets is known as MACRS depreciation, or something similar. Tangible assets can benefit from higher accelerated depreciation for a longer period of time under the MACRS system, which businesses must use for tax reporting.
According to the Internal Revenue Service (IRS), depreciation enables businesses to recoup the capitalized cost basis of assets. The original cost is multiplied by the cost of improvements and related expenses, and the sum is subtracted from any depreciation and depletion deductions to arrive at the adjusted basis.
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The given question is incomplete, the complete question is:
During the 2019 tax year, businesses may elect to immediately expense up to $1,020,000 of tangible personal property placed in service that year under Section 179. For any assets that are completely or partially expensed, the company must reduce the __________
