Enrolled Agent Exam [Part 2] 40, MACRS — Modified Accelerated Cost Recovery System

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How to identify the correct MACRS class life for commonly tested assets like computers (5-year) and office furniture (7-year). - The critical difference between the 27.5-year life for residential rental property and the 39-year life for nonresidential real property. - The function of the default half-year convention and how it applies to personal property. - How to spot the common exam trap of the mid-quarter convention by applying the 40% test for assets placed in service in the fourth quarter. - The specific application of the mid-month convention exclusively for real property. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep