Final answer:
Light general-purpose trucks fall under the 5-year property class and thus have a 5-year recovery period for MACRS depreciation. The correct option is D.
Step-by-step explanation:
The asset that has a 5-year recovery period for MACRS (Modified Accelerated Cost Recovery System) depreciation is D. light general-purpose trucks. Under the current MACRS guidelines, different types of assets are categorized into different class lives, which dictate their recovery periods.
Machinery typically falls under a 7-year life, while residential buildings are depreciated over 27.5 years, and nonresidential buildings over 39 years. Office furniture and fixtures generally have a 7-year recovery period.
However, light general-purpose trucks are included in the 5-year property class, which means they have a 5-year recovery schedule for depreciation purposes. The correct option is D.