Question: What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?
350 to 400 words plus refernces.