Nonresidential real and residential rental property depreciated using MACRS are not subject to depreciation recapture. True or false

What is the difference between amortization and depreciation, and how are they applied to intangible assets?

All of the following statements regarding asset impairments are true EXCEPT which one? O After recording the impairment loss, the reduced carrying amount of the asset held for use becomes its new cost basis O An impaired asset held for disposal may not be written up O An impairment loss for an asset held for use may not be restored. An impaired asset held for disposal is treated like inventory, and therefore should be reported at the lower-of-cost or net-reaalizable value.

Why is the cost of certain kinds of property not recoverable at all by way of depreciation, depletion, or amortization deductions? In addition to answering that question, give three examples of the kinds of assets that are not subject to “cost recovery”.