Final answer:
The given statement is true because the colonists were concerned with having representation in the tax decision-making process not merely the fact that they were being taxed.
Step-by-step explanation:
The statement that the colonists did not necessarily object to the principle of taxation, but rather how the tax money would be applied, is true. The colonists were particularly discontent with the lack of representation in the British Parliament, which instigated the famous phrase "no taxation without representation".
The colonists believed they should have a say in how their taxes were used and that the money should benefit their own colonies rather than just the British crown.
The basis of cost recovery property, also known as the adjusted basis, is the original cost of the property minus any depreciation or other adjustments. Cost recovery allowable refers to the depreciation expense that can be deducted over the useful life of the property.
According to tax regulations, the basis of the property must be reduced by at least the cost recovery allowable, which means that the deductible amount of depreciation cannot exceed the adjusted basis.
The statement is a. true.