Final answer:
New and used personal property that is used in a trade or business qualifies for bonus depreciation, not additional first-year depreciation.
The statement is false.
Step-by-step explanation:
New and used personal property that is used in a trade or business qualifies for bonus depreciation, not additional first-year depreciation. Bonus depreciation allows businesses to deduct a percentage of the cost of qualifying assets in the year they are placed in service.
This is an incentive for businesses to invest in new equipment and property. However, it's important to note that the percentage and rules for bonus depreciation can vary, so it's always advisable to consult with a tax professional or refer to current tax laws and regulations for the specific details.
so the answer is False.