Final answer:
Taxpayers may not elect to use the straight-line method under MACRS for personal property.
Step-by-step explanation:
The statement is True.
Taxpayers may not elect to use the straight-line method under MACRS (Modified Accelerated Cost Recovery System) for personal property. MACRS is a method of depreciation used for tax purposes in the United States. It requires the use of specific depreciation methods and recovery periods for different classes of assets.
Under MACRS, personal property is depreciated using a declining balance method known as the Double Declining Balance method. This method allows for a faster depreciation of assets in the early years of their useful lives.
The American colonists, before the American Revolution, were not opposed to paying taxes in principle but were against the idea of taxation without representation. They wanted a say in how their taxes were used and believed that only their own colonial legislatures should have the power to impose taxes upon them, not the distant British Parliament.