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Personal property, real property, intangible property

What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?

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Real property refers to land and all things that are permanently attached to land. Real estate is a related term that is frequently used when referring to real property. Trees, ponds, and streams are forms of property that is attached to the land. Natural resources can be defined as "anything that is provided by nature, such as deposits of minerals, quality of land, old-growth forests, fish populations, etc. The availability of particular natural resources is an important determinant of comparative advantage and trade in products that depend on them. Natural resources are primary factors of production" ...

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What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide an example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?

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