Final answer:
The statement regarding the MACRS straight-line election is false as there are other conventions besides the half-year convention. The Three-Fifths Compromise, Louisiana Purchase, colonists' objection to tax application, and the territorial loss of Mexico following the Treaty of Guadalupe Hidalgo are all accurately described in the statements provided as true.
Step-by-step explanation:
The statement "Under the MACRS straight-line election for personalty, only the half-year convention is applicable." is false. Under Modified Accelerated Cost Recovery System (MACRS), while the half-year convention is commonly used, there is also the option to use the mid-quarter convention in certain situations. Nevertheless, the question seems to mix tax accounting concepts with historical facts unrelated to the original statement.
The Three-Fifths Compromise was indeed about the issues of representation and taxation, and the statement regarding it is true. The compromise agreed that three-fifths of the slave population would be counted for determining direct taxation and representation in the House of Representatives.