Describe assets that are considered to be listed property

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Reference no: EM13906389

1. Describe assets that are considered to be listed property. Why do you think the Internal Revenue Service requires them to be "listed"?

2. Are taxpayers allowed to claim depreciation expense on assets they use for both business and personal purposes? What are the tax consequences if the business use drops from above 50 percent in one year to below 50 percent in the next?

Reference no: EM13906389

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