Claim: The Accelerated Cost Recovery System (ACRS), which is the current tax depreciation system in the United States and under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation, which is computed under one of two methods (declining balance switching to a straight line or straight line) at the election of the taxpayer, with limitations.
Evidence: The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States.